Notes to SEFA
Title: Reporting Entity
Accounting Policies: The accompanying Schedule has been prepared using the accrual basis of accounting as fully described in Note 1 to the College’s component unit financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance, except for the Arrangements for Interdisciplinary Research Infrastructure program in which there was a 10-percent de minimis indirect cost rate to modified total direct costs of the program.
The accompanying schedule of expenditures of federal awards (Schedule) presents the activity of all federal award programs of Cecil College (College) for the fiscal year ended June 30, 2023.
Title: Loan Programs
Accounting Policies: The accompanying Schedule has been prepared using the accrual basis of accounting as fully described in Note 1 to the College’s component unit financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance, except for the Arrangements for Interdisciplinary Research Infrastructure program in which there was a 10-percent de minimis indirect cost rate to modified total direct costs of the program.
During the year ended June 30, 2023, the College processed $992,478 of new loans under the Federal Direct Lending Program. Since these programs are administered by outside financial institutions, only the value of new loans made during the fiscal year relating to these programs are considered current year expenditures in the Schedule. The balance for loans for previous periods is not included as federal awards expended because the lender accounts for the prior balances.
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying Schedule has been prepared using the accrual basis of accounting as fully described in Note 1 to the College’s component unit financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance, except for the Arrangements for Interdisciplinary Research Infrastructure program in which there was a 10-percent de minimis indirect cost rate to modified total direct costs of the program.
The information in this Schedule is presented in accordance with the 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the College’s basic financial statements. 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.