Title: Note A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash
basis. 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. Direct loans are loans held by the Federal Government and are not included in loans receivable for the College.
Direct loans disbursed during the year are included in the federal expenditures presented in the Schedule. The College has elected not to use the ten
percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College uses the federally negotiated indirect cost rate of 32.30%.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Portland Community College (the
College) under programs of the federal government for the year ended June 30, 2023. The information is presented in accordance with requirements of Title
2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (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 position, or cash flows of the College.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash
basis. 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. Direct loans are loans held by the Federal Government and are not included in loans receivable for the College.
Direct loans disbursed during the year are included in the federal expenditures presented in the Schedule. The College has elected not to use the ten
percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College uses the federally negotiated indirect cost rate of 32.30%.
Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash
basis. 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. Direct loans are loans held by the Federal Government and are not included in loans receivable for the College.
Direct loans disbursed during the year are included in the federal expenditures presented in the Schedule. The College has elected not to use the ten
percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Note C - LOANS RECEIVABLE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash
basis. 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. Direct loans are loans held by the Federal Government and are not included in loans receivable for the College.
Direct loans disbursed during the year are included in the federal expenditures presented in the Schedule. The College has elected not to use the ten
percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College uses the federally negotiated indirect cost rate of 32.30%.
The federal student loan programs listed subsequently are administered directly by the College, and balances and transactions relating to these programs are
included in the College's basic financial statements. Perkins and Nursing loans outstanding at the beginning of the year and loans made during the year are
included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2023 consists of: "SEE THE NOTES TO THE SEFA FOR CHART/TABLE"
Title: Note D - PERKINS LOAN PROGRAM - EXCESS LIQUID CAPITAL
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash
basis. 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. Direct loans are loans held by the Federal Government and are not included in loans receivable for the College.
Direct loans disbursed during the year are included in the federal expenditures presented in the Schedule. The College has elected not to use the ten
percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College uses the federally negotiated indirect cost rate of 32.30%.
Section 466 (c) of the Higher Education Act requires institutions to return to the Department of Education (the Department) the Federal share of any Excess
Liquid Capital (ELC) from the institution's Federal Perkins Loan Revolving Fund (Fund). ELC is the amount of the Fund's "Cash On Hand" that is in excess of
the institution's estimated immediate needs for the Perkins Loan Program. In Fiscal Year 2023 the College had excess liquid capital and returned it to the
Department. "SEE THE NOTES TO THE SEFA FOR CHART/TABLE"
Title: Note E - SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash
basis. 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. Direct loans are loans held by the Federal Government and are not included in loans receivable for the College.
Direct loans disbursed during the year are included in the federal expenditures presented in the Schedule. The College has elected not to use the ten
percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College uses the federally negotiated indirect cost rate of 32.30%.
Of the federal expenditures presented in the schedule, Portland Community College provided federal awards to subrecipients as follows: "SEE THE NOTES TO THE SEFA FOR CHART/TABLE"