Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Note A - Basis of Presentation
The accompanying schedule of federal awards (the Schedule) includes the federal award activity of Central Oregon Community College (the College) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in ccordance with the requirements of Title 2 United States Code of Federal Regulations Part 200, Uniforrn Adrninistrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of he operations of the College it is not intended to and does not present the financial position, change in net assets or cash flows of the College.
Note B - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee used the indirect cost rate stated in its federal grant agreements.
The accompanying schedule of federal awards (the Schedule) includes the federal award activity of Central Oregon Community College (the College) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in ccordance with the requirements of Title 2 United States Code of Federal Regulations Part 200, Uniforrn Adrninistrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of he operations of the College it is not intended to and does not present the financial position, change in net assets or cash flows of the College.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: Note A - Basis of Presentation
The accompanying schedule of federal awards (the Schedule) includes the federal award activity of Central Oregon Community College (the College) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in ccordance with the requirements of Title 2 United States Code of Federal Regulations Part 200, Uniforrn Adrninistrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of he operations of the College it is not intended to and does not present the financial position, change in net assets or cash flows of the College.
Note B - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee used the indirect cost rate stated in its federal grant agreements.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
Title: Note C - Indirect Cost Rate
Accounting Policies: Note A - Basis of Presentation
The accompanying schedule of federal awards (the Schedule) includes the federal award activity of Central Oregon Community College (the College) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in ccordance with the requirements of Title 2 United States Code of Federal Regulations Part 200, Uniforrn Adrninistrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of he operations of the College it is not intended to and does not present the financial position, change in net assets or cash flows of the College.
Note B - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee used the indirect cost rate stated in its federal grant agreements.
The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note D - Federal Loan Programs
Accounting Policies: Note A - Basis of Presentation
The accompanying schedule of federal awards (the Schedule) includes the federal award activity of Central Oregon Community College (the College) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in ccordance with the requirements of Title 2 United States Code of Federal Regulations Part 200, Uniforrn Adrninistrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of he operations of the College it is not intended to and does not present the financial position, change in net assets or cash flows of the College.
Note B - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee used the indirect cost rate stated in its federal grant agreements.
In addition to direct financial assistance, federal guaranteed loans in the amount of $5,677,836 were administered during the year ended June 30, 2023.