Title: Scope of Review
Accounting Policies: In the accompanying schedule of expenditures of federal and state awards, expenditures are presented in conformity with generally accepted accounting principles. Such 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. Negative amounts shown on the Schedules 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: WCTC has not elected to use the 10% de minimis indirect cost rate of the Uniform Guidance.
The Waukesha County Area Technical College District Board oversees the operation of Waukesha County Area Technical College (WCTC) under the provisions of Chapter 38 of the Wisconsin statutes. WCTC includes the majority of Waukesha County and portions of Jefferson, Dodge, and Racine Counties and the local municipalities located therein. Activities of WCTC are subject to the audit requirements contained in the scope 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.
Title: Programs Subject to Single Audit
Accounting Policies: In the accompanying schedule of expenditures of federal and state awards, expenditures are presented in conformity with generally accepted accounting principles. Such 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. Negative amounts shown on the Schedules 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: WCTC has not elected to use the 10% de minimis indirect cost rate of the Uniform Guidance.
Federal awards received by WCTC (either directly from the federal government or passed through the state of Wisconsin) and awards received from the state of Wisconsin have been included in the schedule of expenditures of federal and state awards.
Title: Basis of Presentation
Accounting Policies: In the accompanying schedule of expenditures of federal and state awards, expenditures are presented in conformity with generally accepted accounting principles. Such 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. Negative amounts shown on the Schedules 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: WCTC has not elected to use the 10% de minimis indirect cost rate of the Uniform Guidance.
The accompanying schedules of expenditures of federal and state awards (the Schedules) includes the federal and state award activity of WCTC under programs of the federal and state government for the year ended June 30, 2023. The information in these Schedules is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and State Single Audit Guidelines. Because the Schedules present only a selected portion of the operations of WCTC, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of WCTC.
Title: Reconciliation of Federal and State Awards to the Basic Financial Statements
Accounting Policies: In the accompanying schedule of expenditures of federal and state awards, expenditures are presented in conformity with generally accepted accounting principles. Such 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. Negative amounts shown on the Schedules 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: WCTC has not elected to use the 10% de minimis indirect cost rate of the Uniform Guidance.
Federal State
Awards Awards
Revenues reported on the schedule of federal and state awards $9,334,130 $55,575,161
Revenues related to Federal Family Education Loan Program (4,192,475) -
DVR Training Grant Student Awards (237,724) -
Revenues reported in the basic financial statements $4,903,931 $55,575,161
State grants and contracts $- $2,764,664
Federal grants and contracts 4,886,157 -
State appropriations - 52,571,776
Federal and state appropriations for capital-related grants 17,774 238,720
Total state and federal grants and contracts on the
Statement of Revenues, Expenditures, and Changes in Net Assets $4,903,931 $55,575,160