Title: BASIS OF PRESENTATION
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2023-2024 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The accompanying Schedules of Expenditures of Federal and State Awards include the federal
grant and state grant activity of Gateway Technical College District (the “District”) and are
presented on the accrual basis of accounting. The information in these schedules is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance) and the Wisconsin State Single Audit Guidelines issued by the Wisconsin
Department of Administration.
The Schedules of Expenditures of Federal and State Awards include all federal and state awards
of the District. Because the schedules present only a selected portion of the operations of the
District, it is not intended to and does not present the financial position, changes in net position, or
cash flows of the District.
Title: OVERSIGHT AND COGNIZANT AGENCIES
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2023-2024 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The District's federal oversight agency for audit is the U.S. Department of Education. The District's
state cognizant agency is the Wisconsin Technical College System.
Grant monies received and disbursed by the District are for specific purposes and are subject to
review and audit by the grantor agencies. Such audits may result in requests for reimbursement
due to disallowed expenditures. Based upon prior experience, the District does not believe that
such disallowances, if any, would have a material effect on the financial position of the District. As
of June 30, 2024 management was not aware of any material questioned or disallowed costs as a
result of grant audits in process or completed.
Title: STUDENT FINANCIAL AID PROGRAMS
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2023-2024 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
All programs under the Student Financial Aid Program Cluster heading in the Schedule of
Expenditures of Federal Awards are considered Student Financial Aid Programs and
expenditures are added together to determine if they meet the major program criteria.
Title: FEDERAL DIRECT STUDENT LOAN PROGRAM (DIRECT LOANS)
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2023-2024 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The Direct Loans (Federal Assistance Listing Number 84.268) is comprised of the following
types of loans:
Subsidized Stafford Loans $ 3,786,333
Unsubsidized Stafford Loans 4,370,733
Total Direct Loans $ 8,201,034
Title: RECONCILIATION OF FEDERAL REVENUES TO BASIC FINANCIAL
STATEMENTS
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2023-2024 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The following is a reconciliation of federal revenues per the schedule of expenditures of federal
awards to the federal revenues per the District basic financial statements.
Revenues per schedule of expenditures of federal awards $22,220,851
Add other federal funding 91,543
Revenues per basic financial statements $ 22,312,394
Revenues per basic financial statements
Operating revenue – federal grants $ 12,841,758
Nonoperating revenue – federal grants 9,407,511
Nonoperating revenue – federal capital grants 63,125
Total $ 22,312,394
Title: RECONCILIATION OF STATE REVENUES TO BASIC FINANCIAL STATEMENTS
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2023-2024 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The following is a reconciliation of state revenues per the schedule of expenditures of state
award to the state revenues per the District’s basic financial statements.
Revenues per schedule of expenditures of state awards $47,188,759
Other adjustments:
Radio grant 30,000
Adjustments from the prior year (23,358)
Revenues per basic financial statements $ 47,195,401
Revenues per basic financial statements
Operating revenue – state grants $ 3,636,127
Nonoperating revenue – state grants 43,491,609
Nonoperating revenue – state capital grants 67,665
Total $ 47,195,401
Title: PROGRAMS NOT SUBJECT TO SINGLE AUDIT
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2023-2024 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The following programs are included on the Schedule of Expenditures of State Awards but are
not subject to the Single Audit Act.
ID Number Funding Agency Name of Program Amount
835.103 Wisconsin Department of Revenue State Aid – Personal Property $222,862
Title: STUDENT FINANCIAL AID INSTITUTIONAL AND PROGRAM ELIGIBILITY
METRICS
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2023-2024 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The District is in compliance with the following institutional and program eligibility requirements
under the Higher Education Act of 1965 and Federal regulations under 34 CFR 668.23:
Correspondence courses the institution offers under 34 CFR 600.7(b) and (g)
Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and (g)
Institution’s regular students that are incarcerated under 34 CFR 600.7(c) and (g)
Completion rates for confined or incarcerated individuals enrolled in non-degree
programs at nonprofit institutions under 34 CFR 600.7(c)(3)(ii) and (g)
Institution’s regular students that lack a high school diploma or its equivalent under 34
CFR 600.7(d) and (g)
Completion rates for short-term programs under 34 CFR 668.8(f) and (g)
Placement rates for short-term programs under 34 CFR 668.8(e)(2)
Title: INDIRECT COSTS
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2023-2024 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The District has elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance and the State Single Audit Guidelines.
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2023-2024 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
Revenues and expenditures in these schedules are presented in accordance with the modified
basis of accounting and are generally in agreement with revenues and expenditures reporting in
the District’s 2023-2024 fund financial statements. Such expenditures are recognized following
the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the
Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent
program adjustments, these amounts may differ from the prior year’s ending balances.