Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines for all awards with the exception of assistance listing 21.019, which follows criteria determined by the U.S. Department of Treasury for allowability of costs. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOANS PROGRAM (84.038) - Balances outstanding at the end of the audit period were $1,253,630. Loans outstanding at the beginning of the year are included in the Schedule of Expenditures of Federal Awards. No new loans were made under the Federal Perkins Loan Program during the year ended May 31, 2022.
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines for all awards with the exception of assistance listing 21.019, which follows criteria determined by the U.S. Department of Treasury for allowability of costs. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College has no sub-recipients for year ended May 31, 2022.