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 in agreement with amounts reported in the Fox Valley Technical College District’s 2022-2023 basic
financial statements. Such expenditures are recognized following the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Match
represents District contributions to federal and state programs and includes adjustments for prior year
transactions.
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 Uniform
Guidance.
The accompany Schedules of Expenditures of Federal and State Awards includes the federal and state grant
activity of Fox Valley Technical College District (“the District”) under programs of federal and state government
for the year ended June 30, 2023. The information in this Schedule 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 State of Wisconsin Single Audit
Guidelines. Because the Schedule presents only a selected portion of the operation of the District, it is not
intended 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 accounting
and are in agreement with amounts reported in the Fox Valley Technical College District’s 2022-2023 basic
financial statements. Such expenditures are recognized following the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Match
represents District contributions to federal and state programs and includes adjustments for prior year
transactions.
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 Uniform
Guidance.
The U.S. Department of Health and Human Services has been designated the federal oversight agency for the
District. The Wisconsin Technical College System Board is the state oversight agency for the District.