Title: Note 1: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal spending of the Enterprise State Community College (the “College”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the College, it is not intended to and does not represent the financial position of the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal spending of the Enterprise State Community College (the “College”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the College, it is not intended to and does not represent the financial position of the College.
Title: Note 2: Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal spending of the Enterprise State Community College (the “College”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the College, it is not intended to and does not represent the financial position of the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2023, the College did not elect to use this rate.
Title: Note 3: Loan/Loan Guarantee Outstanding Balance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal spending of the Enterprise State Community College (the “College”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the College, it is not intended to and does not represent the financial position of the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College did not have any federal loans or loan guarantees outstanding during the year ended September 30, 2023.
Title: Note 4: Noncash Assistance and Other
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal spending of the Enterprise State Community College (the “College”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the College, it is not intended to and does not represent the financial position of the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College did not receive any noncash assistance or federally funded insurance during the year ended September 30, 2023.
Title: Note 5: Contingencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal spending of the Enterprise State Community College (the “College”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the College, it is not intended to and does not represent the financial position of the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Grant monies received and disbursed by the College are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the College does not believe that such disallowance, if any, would have a material effect on the financial position of the College.
Title: Note 6: Federal Pass-Through Funds
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal spending of the Enterprise State Community College (the “College”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the College, it is not intended to and does not represent the financial position of the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College is also the sub‐recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass‐through funds. Federal awards other than those indicated as pass‐through are considered to be direct.
Title: Note 7: Federal Expenses reclasses from a Prior Year
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal spending of the Enterprise State Community College (the “College”) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the College, it is not intended to and does not represent the financial position of the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College reclassed $36,239 of federal expenses that were reported on the schedule for the year ended September 30, 2020 as Coronavirus Relief Funds under ALN 21.019. These expenses were subsequently denied reimbursement under ALN 21.019 and were reclassed to expenses of the COVID‐19 Higher Education Emergency Relief Funds – Institutional Aid under ALN 84.425F.