Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10% de minimis cost rate unless otherwise specified within the grant
The accompanying schedule of expenditures of federal awards includes the federal award activity of the College under programs of the federal government for the year ended June 30, 2023. The information 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). Because the schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes net position, or cash flows of the College.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10% de minimis cost rate unless otherwise specified within the grant
Expenditures reported in the schedule are reported on the accrual basis of accounting. 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. No federal financial assistance has been provided to a subrecipient.
Title: Note 3- Indirect Cost Rate
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10% de minimis cost rate unless otherwise specified within the grant
The College has elected to use the 10% de minimis cost rate unless otherwise specified within the grant.