The Grand Lodge of the Transportation Communications Union/International Association of Machinists and Aerospace Workers’ (TCU/IAM) oversees the establishment and operations of local lodges, districts, Boards of Adjustment, and Systems Divisions. TCU/IAM administers TCU/IAM National Job Corps Vocational Training Program (the Program).
Basis of Presentation - The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of TCU/IAM under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of TCU/IAM, it is not intended to and does not present the financial position, changes in net assets, or cash flows of TCU/IAM. Estimates - The preparation of the schedule requires management to make estimates and assumptions that affect certain reported amounts and disclosure in the schedule. Actual results may differ from those estimates.
The DOL contract provides for the payment of a specified sum to TCU/IAM for services rendered in connection with the management and administration of the agreement. During the year ended December 31, 2024, TCU/IAM received $69,299 for its services.
This U.S. Government funded contract with the DOL is subject to audit by the U.S. Government. The ultimate determination of amounts received under this program generally is based upon allowable costs reported to and audited by the government. Until such audits have been completed and final settlement reached, there exists a contingency to refund any amounts received in excess of allowed costs.
Subsequent events have been evaluated through September 26, 2025, which is the date the schedule was available to be issued. The Job Corps Acquisition Services (JCAS), in close collaboration with the Office of Job Corps (OJC) and the Office of Financial Administration (OFA) secured approval to obligate Program Year 2025 funding beginning on July 1, 2025, to facilitate continued performance under our Job Corps contract for TCU/IAM. A unilateral contract modification to fund the contract from July 1, 2025, to September 30, 2025, was approved, and as of Friday, September 19, 2025, an additional contract modification was approved that will fund TCU Job Corps through December 31, 2025. It is expected that Job Corps contracts will be funded in quarterly increments in the short-term, however, the funding has not formally been authorized in the most current congressional budget as of our report date. This review and evaluation revealed no other new material event or transaction which would require an adjustment to or disclosure in the accompanying schedule.