Title: Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniformed Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2023, costs requested for reimbursement have been limited to direct reimbursement of costs.
The accompanying Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniformed Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations for the College, it is not intended to and does not present position of the financials of the College.
Title: Cost Rate
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniformed Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2023, costs requested for reimbursement have been limited to direct reimbursement of costs.
For the year ended June 30, 2023, costs requested for reimbursement have been limited to direct reimbursement costs. Catalog of Federal Domestic Assistance (CFDA) numbers are presented for those programs for which such numbers were available.
Title: Major Programs
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniformed Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2023, costs requested for reimbursement have been limited to direct reimbursement of costs.
In accordance with Uniform Guidance, major programs for the College are individual programs or a cluster of programs determined using a risk-based analysis. The threshold for distinguishing Type A and Type B programs was $750,000. Student Financial Aid is designated as a cluster of programs which was determined to be a major program.
Title: Federal Student Loan Programs
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniformed Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2023, costs requested for reimbursement have been limited to direct reimbursement of costs.
Federally guarantee loans issued to students of the College by financial institutions under the Federal Direct Loan (FDL) programs were $1,646,160 during the year ended June 30, 2023. The amount presented represents the value of new loans awarded during the year. Federal direct programs are presented by the applicable federal agency. Federal pass-through programs are presented by the entity through which the College received the grant.
Title: Additional Audits
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniformed Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2023, costs requested for reimbursement have been limited to direct reimbursement of costs.
Grantor and regulatory agencies reserve the right to conduct additional audits of the Collge's grant programs. Such audits may result in disallowed costs to the College. However, management does not believe such audits would result in any disallowed costs that would be material to the College's financial position at June 30, 2023.