Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the District’s 2023-2024 financial statements. Such expenditures are recognized following the cost principles 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. Local Share represents contributions to federal and state programs and includes adjustments for prior year transactions.
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 Schedules of Expenditures of Federal and State Awards for Northeast Wisconsin Technical College (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 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: NOTE 3 – OVERSIGHT AGENCIES
Accounting Policies: The revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the District’s 2023-2024 financial statements. Such expenditures are recognized following the cost principles 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. Local Share represents contributions to federal and state programs and includes adjustments for prior year transactions.
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 federal and state oversight agencies for the District are as follows:
Federal - U.S. Department of Education
State - Wisconsin Technical College System
Title: NOTE 4 – RECONCILIATION OF FEDERAL AWARDS
Accounting Policies: The revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the District’s 2023-2024 financial statements. Such expenditures are recognized following the cost principles 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. Local Share represents contributions to federal and state programs and includes adjustments for prior year transactions.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to charge a de minimis rate of 10% of modified total costs.
A reconciliation of federal grant revenues, as presented in the schedule of expenditures of federal awards to federal revenues reported in the District’s financial statements follows:
Title: NOTE 5 – RECONCILIATION OF STATE AWARDS
Accounting Policies: The revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the District’s 2023-2024 financial statements. Such expenditures are recognized following the cost principles 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. Local Share represents contributions to federal and state programs and includes adjustments for prior year transactions.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to charge a de minimis rate of 10% of modified total costs.
A reconciliation of state grant revenues, as presented in the schedule of expenditures of state awards to state revenues reported in the District’s financial statements follows:
Title: NOTE 6 – STUDENT FINANCIAL AID INSTITUTIONAL AND PROGRAM ELIGIBILITY METRICS
Accounting Policies: The revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the District’s 2023-2024 financial statements. Such expenditures are recognized following the cost principles 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. Local Share represents contributions to federal and state programs and includes adjustments for prior year transactions.
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 - p-668.8(f)34 CFR 668.8(e)(2).