Notes to SEFA
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, 2025. 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. Basis of Accounting - The accompanying schedule has been prepared using the accrual basis of accounting. Under this basis, revenue is recognized when earned and expenses are recognized when incurred. Indirect Cost Rate - TCU/IAM has elected not to use the de minimis indirect cost rate.
This U.S. Government funded contract with the Department of Labor 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 23, 2026, which is the date the schedule was available to be issued. This review and evaluation revealed no material event or transaction which would require an adjustment to or disclosure in the accompanying schedule.