Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accountingand are in agreement with amounts reported in the Fox Valley Technical College Districts 2021-2022 basicfinancial statements. Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Matchrepresents District contributions to federal and state programs and includes adjustments for prior yeartransactions.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10-percent de minimis indirect cost rate as allowed under the UniformGuidance.
The accompany Schedules of Expenditures of Federal and State Awards includes the federal and state grantactivity of Fox Valley Technical College District (the District) under programs of federal and state governmentfor the year ended June 30, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance) and State of Wisconsin Single AuditGuidelines. Because the Schedule presents only a selected portion of the operation of the District, it is notintended to and does not present the financial position, changes in net position or cash flows of the District.
Title: OVERSIGHT AGENCIES
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accountingand are in agreement with amounts reported in the Fox Valley Technical College Districts 2021-2022 basicfinancial statements. Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Matchrepresents District contributions to federal and state programs and includes adjustments for prior yeartransactions.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10-percent de minimis indirect cost rate as allowed under the UniformGuidance.
The U.S. Department of Health and Human Services has been designated the federal oversight agency for theDistrict. The Wisconsin Technical College System Board is the state oversight agency for the District.