Notes to SEFA
Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all federal awards of Williamsburg Technical College (the “College”). The reporting entity is defined in Note 1 of the College's financial statements. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and is prepared on the accrual basis of accounting. Program Type Determination Type A programs are defined as federal programs with federal expenditures exceeding $750,000. The threshold of $750,000 was used in distinguishing between Type A and Type B programs. Method of Major Program Selection The risk-based approach was used in the selection of federal programs to be tested as major programs. The College did qualify as a low-risk auditee for the fiscal year ended June 30, 2025.
The College did not receive or expend any federal awards in the form of non-cash assistance and had no federal loan guarantees at June 30, 2025.
The College chose not to use the ten percent de Minimis indirect cost rate for the year ended June 30, 2025.