Notes to SEFA
Title: Federal Direct Student Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis. Amounts presented are total federal expenditures for each program.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance. As noted in the H1-B Job Training Grants agreement, the College was approved to use, and did use, an indirect cost rate of 37.5% relating to this grant and other grants where allowable.
During the fiscal year ended June 30, 2023, the College processed new loans under the Federal Direct Student Loan Program. The amount shown in the accompanying Schedule of Expenditures of Federal Awards reflects the fiscal year amount certified by the College.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis. Amounts presented are total federal expenditures for each program.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance. As noted in the H1-B Job Training Grants agreement, the College was approved to use, and did use, an indirect cost rate of 37.5% relating to this grant and other grants where allowable.
The College passes certain federal awards received from the United States Department of Labor, the National Science Foundation and the United States Department of Defense to other governments or not-for-profit agencies (subrecipients). As Note 1 describes, the College reports expenditures of federal awards to subrecipients on the accrual basis.
As a pass-through entity, the College has certain compliance responsibilities, such as monitoring its subrecipients to
help assure they use these subawards as authorized by laws, regulations, and the provisions of contracts or grant
agreements, and that subrecipients achieve the award’s performance goals.