Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the Northeast Wisconsin Technical Colleges 2021-2022 financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Local Share represents contributions to federal and state programs and includes adjustments for prior year transactions.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedules of Expenditures of Federal and State Awards for the Northeast Wisconsin Technical College are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Guidelines issued by the Wisconsin Department of Administration.The Schedules of Expenditures of Federal and State Awards include all federal and state awards of the Northeast Wisconsin Technical College. Because the schedules present only a selected portion of the operations of the Northeast Wisconsin Technical College, it is not intended to and does not present the financial position, changes in net position, or cash flows of Northeast Wisconsin Technical College.
Title: Oversight Agencies
Accounting Policies: The revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the Northeast Wisconsin Technical Colleges 2021-2022 financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Local Share represents contributions to federal and state programs and includes adjustments for prior year transactions.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal and state oversight agencies for the Northeast Wisconsin Technical College are as follows: Federal - U.S. Department of Education State - Wisconsin Technical College System
Title: Reconciliation of Federal Awards
Accounting Policies: The revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the Northeast Wisconsin Technical Colleges 2021-2022 financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Local Share represents contributions to federal and state programs and includes adjustments for prior year transactions.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
A reconciliation of federal grant revenues, as presented in the schedule of expenditures of federal awards to federal revenues reported in the Districts financial statements follows: [See table in notes.]
Title: Reconciliation of State Awards
Accounting Policies: The revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the Northeast Wisconsin Technical Colleges 2021-2022 financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Local Share represents contributions to federal and state programs and includes adjustments for prior year transactions.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
A reconciliation of state grant revenues, as presented in the schedule of expenditures of state awards to state revenues reported in the Districts financial statements follows: [See table in notes.]