Notes to SEFA
Title: Note 2 Significant Accounting Policies
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal and State Awards for the District arepresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance) and the State Single Audit Guidelines issued by the WisconsinDepartment of Administration.The Schedules of Expenditures of Federal and State Awards include all federal and state awardsof the District. Because the schedules present only a selected portion of the operations of theDistrict, it is not intended to and does not present the financial position, changes in net position,or cash flows of the District.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Revenues and expenditures in the schedule are presented in accordance with the accrual basisof accounting and are in agreement with amounts reported in the Districts basic financialstatements. Expenditures are recognized following the cost principles contained in the Uniformguidance and State Single Audit Guidelines, wherein certain types of expenditures are notallowable or are limited as to reimbursement. Accrued revenue at year-end includes federal andstate program expenditures scheduled for reimbursement to the District in the succeeding year.Match represents District contributions to federal and state programs.
Title: Note 3 Oversight Agencies
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal and State Awards for the District arepresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance) and the State Single Audit Guidelines issued by the WisconsinDepartment of Administration.The Schedules of Expenditures of Federal and State Awards include all federal and state awardsof the District. Because the schedules present only a selected portion of the operations of theDistrict, it is not intended to and does not present the financial position, changes in net position,or cash flows of the District.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The U.S. Department of Education is the federal oversight agency for the District. The WisconsinTechnical College System Board is the state oversight agency for the District.
Title: Note 4 Indirect Cost Rate
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal and State Awards for the District arepresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance) and the State Single Audit Guidelines issued by the WisconsinDepartment of Administration.The Schedules of Expenditures of Federal and State Awards include all federal and state awardsof the District. Because the schedules present only a selected portion of the operations of theDistrict, it is not intended to and does not present the financial position, changes in net position,or cash flows of the District.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District has an approved indirect cost rate approved by the Department of Health and Human Services that is in effect until June 30, 2023. The District is not eligible to charge the de minimis indirect rate of 10% of modified total direct costs on the grants.