Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule 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. Under these
principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state award activity of the Southwest Wisconsin Technical College (the District) under programs of the federal government and state agencies for the year
ended June 30, 2024. The information in this Schedule 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. Because the Schedule presents 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: NOTE 4 OVERSIGHT AND COGNIZANT AGENCIES
Accounting Policies: Expenditures reported on the Schedule 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. Under these
principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The District's federal oversight agency for audit is the U.S. Department of Education. The District's state cognizant agency is the Wisconsin Higher Education Aids Board.
Grant monies received and disbursed by the University 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: NOTE 5 FEDERAL DIRECT STUDENT LOAN PROGRAM (DIRECT LOANS)
Accounting Policies: Expenditures reported on the Schedule 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. Under these
principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Direct Loans (Federal ALN 84.268) is comprised of the following types of loans:
Title: NOTE 6 RECONCILIATION OF FEDERAL AND STATE AWARDS TO THE BASIC FINANCIAL
STATEMENTS
Accounting Policies: Expenditures reported on the Schedule 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. Under these
principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal revenue reported in the basic financial statements is reconciled to the Schedule as follows:
State revenue reported in the financial statements is reconciled to the schedule of expenditures of federal and state awards as follows:
Title: NOTE 7 STUDENT FINANCIAL AID INSTITUTIONAL AND PROGRAM ELIGIBILITY METRICS
Accounting Policies: Expenditures reported on the Schedule 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. Under these
principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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 - p-668.8(f)34 CFR
668.8(e)(2).