Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting andare generally in agreement with revenues and expenditures reported in the Colleges fund financial statements.Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State ofWisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited asto reimbursement. Accrued revenue at year-end consists of federal and state programs that exceed recordedexpenditures. Because of subsequent program adjustments, these amounts may differ from the prior yearsending balances.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10-percent de minimis indirect cost rate as allowed under the UniformGuidance.
The accompanying Schedules of Expenditures of Federal and State Awards include the federal grant and stategrant activity of Mid-State Technical College District (the College) and are presented on the accrual basis ofaccounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance) and the State of Wisconsin State Single Audit Guidelinesissued by the Wisconsin Department of Administration.The Schedules of Expenditures of Federal and State Awards include all federal and state awards of the College.Because the schedules present only a selected portion of the operations of the College, it is not intended to anddoes not present the financial position, changes in net position, or cash flows of the College.
Title: Oversight and Cognizant Agencies
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting andare generally in agreement with revenues and expenditures reported in the Colleges fund financial statements.Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State ofWisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited asto reimbursement. Accrued revenue at year-end consists of federal and state programs that exceed recordedexpenditures. Because of subsequent program adjustments, these amounts may differ from the prior yearsending balances.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10-percent de minimis indirect cost rate as allowed under the UniformGuidance.
The College's federal oversight agency for audit is the U.S. Department of Education. The College's state cognizant agency is the Wisconsin Technical College System.Grant monies received and disbursed by the College 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 College does not believe that such disallowances, if any, would have a material effect on the financial position of the College. Management was not aware of any material questioned or disallowed costs as a result of grant audits in process or completed.