Title: 3. Federal Student Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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. Negative amounts
shown on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented
where available.
The underlying accounting records for some grant programs, primarily those involving governmental
activities (i.e., General Fund), are maintained on the modified accrual basis of accounting. Under the
modified accrual basis, revenues are recorded when susceptible to accrual, i.e., both measurable and
available. Available means collectible within the current period or soon enough thereafter to be used to
pay liabilities of the current period. Expenditures are recorded when the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The Center has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The total loans granted under the Federal Direct Student Loans Program, which were not made by the College but were received by its students, were approximately $7,342,000 for the year ended
May 31, 2023. The total loans outstanding under the Federal Perkins Loan Program were approximately $134,000 for the year ended May 31, 2023.
Title: 4. Major Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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. Negative amounts
shown on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented
where available.
The underlying accounting records for some grant programs, primarily those involving governmental
activities (i.e., General Fund), are maintained on the modified accrual basis of accounting. Under the
modified accrual basis, revenues are recorded when susceptible to accrual, i.e., both measurable and
available. Available means collectible within the current period or soon enough thereafter to be used to
pay liabilities of the current period. Expenditures are recorded when the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The Center has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The amount expended under the Center's major programs totaled approximately $545,000, which is approximately 62% of total expenditures of federal awards for the year ended June 30, 2023. Federal awards expenditures for purposes of this calculation includes loans administered under the Federal Direct
Student Loan Program during the year ended June 30, 2023.
Title: 6. Adjustments
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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. Negative amounts
shown on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented
where available.
The underlying accounting records for some grant programs, primarily those involving governmental
activities (i.e., General Fund), are maintained on the modified accrual basis of accounting. Under the
modified accrual basis, revenues are recorded when susceptible to accrual, i.e., both measurable and
available. Available means collectible within the current period or soon enough thereafter to be used to
pay liabilities of the current period. Expenditures are recorded when the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The Center has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Center derecognized $69,999 of CARES Act revenue previously recognized as federal sources revenues in fiscal 2021-22, during the 2022-23 year, as it determined it did not meet the grant requirements in 2021-22. In addition, the Center had drawn down the remainder of this grant funding
during fiscal 2023, and so $69,999 is recorded and included as accounts payable on the statement of net position to be returned to the U.S. Department of Education (DOE) and is reflected as deferred revenue at June 30, 2023 on the schedule of expenditures of federal awards. The Center has received an
extension from DOE through December 31, 2023 and has since met the grant requirements for recognition prior to the extension lapsing. The deferred revenue will be recognized in fiscal 2023-24. See more information in Note 9 to the financial statements.