Notes to SEFA
Accounting Policies: Federal and State financial assistance programs of the College for the year ended August 31, 2023. Federal financial assistance received directly from Federal agencies is included in these Schedules. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported previously represent funds which have been expended by the College for the purposes of the award during fiscal year 2023. The expenditures reported previously may not have been reimbursed by the funding agencies as of the end of fiscal year 2023. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the Schedules.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.