Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: The College has
elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Generations
College (College) for the year ended June 30, 2023. The information in this schedule is presented in accordance
with the requirements of the 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 in net assets,
or cash flows of the College.
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: The College has
elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College provided no federal awards to sub-recipients during the year ended June 30, 2023.
Title: Federal Loan Program
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: The College has
elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
For the year ended June 30, 2023, College acted as a pass-through agency for the Federal Stafford Loans
(subsidized and unsubsidized) to students in the amount of $950,718.
Title: Other Information
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: The College has
elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2023, the College received no federal insurance or federal noncash assistance for
the purpose of administering federal programs.