Notes to SEFA
Title: Note 3: Loan Program
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards 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. Pass-through entity identifying numbers are presented whre available.
De Minimis Rate Used: N
Rate Explanation: The College has developed and used an indirect cost rate of 37% for On-Campus programs and 16% for Off-Campus programs.
For fiscal year ended June 30, 2023, the College acted as a pass-through agency for Federal Direct Loans (subsidized and unsubsidized) to students in the amount of $1,773,977.
Title: Note 5: Other Federal Award Information
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards 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. Pass-through entity identifying numbers are presented whre available.
De Minimis Rate Used: N
Rate Explanation: The College has developed and used an indirect cost rate of 37% for On-Campus programs and 16% for Off-Campus programs.
The College did not receive of administer any federal insurance, loan guarantees, or federal noncash assistance during the fiscal year ended June 30, 2023.
Title: Note 1: General
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards 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. Pass-through entity identifying numbers are presented whre available.
De Minimis Rate Used: N
Rate Explanation: The College has developed and used an indirect cost rate of 37% for On-Campus programs and 16% for Off-Campus programs.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes federal grant activity of Lewis & Clark 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 accordance with requirements of the 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.