Title: NOTE 1. ORGANIZATION
Accounting Policies: The accompanying schedule has been prepared using the accrual
basis of accounting. Under this basis, revenue is recognized when earned and expenses are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: TCU/IAM uses an indirect cost rate of 2.19% for the year ended
December 31, 2023, which has been approved by the U.S. Department of Labor (DOL). TCU/IAM has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Grand Lodge of the Transportation Communications Union/International Association of Machinists and Aerospace Workers’ (TCU/IAM) oversees the establishment and operations
of local lodges, districts, Boards of Adjustment, and Systems Divisions. TCU/IAM administers TCU/IAM National Job Corps Vocational Training Program (the Program).
Title: NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule has been prepared using the accrual
basis of accounting. Under this basis, revenue is recognized when earned and expenses are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: TCU/IAM uses an indirect cost rate of 2.19% for the year ended
December 31, 2023, which has been approved by the U.S. Department of Labor (DOL). TCU/IAM has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Basis of Presentation - The schedule of expenditures of federal awards (the Schedule)
includes the federal award activity of TCU/IAM under programs of the federal government
for the year ended June 30, 2023. The information in this Schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR),
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the
operations of TCU/IAM, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of TCU/IAM.
Estimates - The preparation of the schedule requires management to make estimates and
assumptions that affect certain reported amounts and disclosure in the schedule. Actual
results may differ from those estimates.
Title: NOTE 3. MANAGEMENT FEES
Accounting Policies: The accompanying schedule has been prepared using the accrual
basis of accounting. Under this basis, revenue is recognized when earned and expenses are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: TCU/IAM uses an indirect cost rate of 2.19% for the year ended
December 31, 2023, which has been approved by the U.S. Department of Labor (DOL). TCU/IAM has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The DOL contract provides for the payment of a specified sum to TCU/IAM for services
rendered in connection with the management and administration of the agreement.
During the year ended December 31, 2023, TCU/IAM received $163,631 for its services.
Title: NOTE 4. CONTINGENCIES
Accounting Policies: The accompanying schedule has been prepared using the accrual
basis of accounting. Under this basis, revenue is recognized when earned and expenses are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: TCU/IAM uses an indirect cost rate of 2.19% for the year ended
December 31, 2023, which has been approved by the U.S. Department of Labor (DOL). TCU/IAM has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
This U.S. Government funded contract with the DOL is subject to audit by the U.S.
Government. The ultimate determination of amounts received under this program
generally is based upon allowable costs reported to and audited by the government. Until
such audits have been completed and final settlement reached, there exists a
contingency to refund any amounts received in excess of allowed costs.
Title: NOTE 5. SUBSEQUENT EVENTS
Accounting Policies: The accompanying schedule has been prepared using the accrual
basis of accounting. Under this basis, revenue is recognized when earned and expenses are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: TCU/IAM uses an indirect cost rate of 2.19% for the year ended
December 31, 2023, which has been approved by the U.S. Department of Labor (DOL). TCU/IAM has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Subsequent events have been evaluated through September 26, 2024, which is the date
the schedule was available to be issued. This review and evaluation revealed no new
material event or transaction which would require an adjustment to or disclosure in the
accompanying schedule.