Title: BASIS OF PRESENTATION
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are in agreement with amounts reported in the District’s basic financial statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at yearend includes federal and state program expenditures scheduled for reimbursement to the District in the succeeding year.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to charge a de minimis rate of 10% of modified total costs.
The accompanying Schedule of Expenditures of Federal and State Awards for the District are 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 “State Single Audit Guidelines” issued by the Wisconsin Department of Administration.
The Schedules of Expenditures of Federal and State Awards includes 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 AGENCIES
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are in agreement with amounts reported in the District’s basic financial statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at yearend includes federal and state program expenditures scheduled for reimbursement to the District in the succeeding year.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to charge a de minimis rate of 10% of modified total costs.
The U.S. Department of Education is the federal oversight agency for the District. The Wisconsin Technical College System Board is the state oversight Wi agency for the District.
Title: STUDENT FINANCIAL AID INSTITUTIONAL AND PROGRAM ELIGIBILITY METRICS
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are in agreement with amounts reported in the District’s basic financial statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at yearend includes federal and state program expenditures scheduled for reimbursement to the District in the succeeding year.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to charge a de minimis rate of 10% of modified total costs.
The Institution 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 https://www.ecfr.gov/current/title-34/subtitle-B/chapter-VI/part-668/subpart-A/section-668.8 34 CFR 668.8(e)(2)
Title: RECONCILIATION OF FEDERAL REVENUES TO BASIC FINANCIAL STATEMENTS
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are in agreement with amounts reported in the District’s basic financial statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at yearend includes federal and state program expenditures scheduled for reimbursement to the District in the succeeding year.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to charge a de minimis rate of 10% of modified total costs.
Following is a reconciliation of federal revenues per the schedule of expenditures of federal awards to the federal revenues aw per the College’s basic financial statements.
Expenditures per schedule of federal awards: $6,930,370
Less: Revenues related to Federal Direct Student Loans: $(2,296,220)
Revenues per basic financial statements: $4,634,150
Revenues per basic financial statements:
Operating - federal grants: $1,334,913
Non-operating Federal financial assistance - Pell: $3,299,237
Total: $4,634,150
Title: RECONCILIATION OF STATE REVENUES TO BASIC FINANCIAL STATEMENTS
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are in agreement with amounts reported in the District’s basic financial statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at yearend includes federal and state program expenditures scheduled for reimbursement to the District in the succeeding year.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to charge a de minimis rate of 10% of modified total costs.
Following is a reconciliation of state revenues per the schedule of expenditures of state awards to the state revenues per the College’s basic financial statements.
Expenditures per schedule of state awards: $30,121,039
Revenues per basic financial statements:
Operating revenues - state grants: $2,362,660
Non-operating
State operating appropriations: $27,556,791
Capital contributions (state portion): $201,588
Total: $30,121,039