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 and
are generally in agreement with revenues and expenditures reported in the College’s fund financial statements.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of
Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Accrued revenue at year-end consists of federal and state programs that exceed recorded
expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s
ending 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 Uniform Guidance.
The accompanying Schedules of Expenditures of Federal and State Awards include the federal grant and state
grant activity of Mid-State Technical College District (the “College”) and are presented on the accrual basis of
accounting. 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 Audit
Requirements for Federal Awards (Uniform Guidance) and the State of Wisconsin 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 College.
Because the schedules present only a selected portion of the operations of the College, it is not intended to and
does 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 and
are generally in agreement with revenues and expenditures reported in the College’s fund financial statements.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of
Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Accrued revenue at year-end consists of federal and state programs that exceed recorded
expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s
ending 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 Uniform Guidance.
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.