Notes to SEFA
Title: 1. Summary of Significant Accounting Policies:
Accounting Policies: Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Trocaire College (the College), an entity as defined in Note 1 to the College’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards.
Basis of Accounting:
The College uses the accrual basis of accounting for federal programs. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system.
Indirect Costs:
Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance.
Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Trocaire College (the College), an entity as defined in Note 1 to the College’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards.
Basis of Accounting:
The College uses the accrual basis of accounting for federal programs. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system.
Indirect Costs:
Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance.
Title: 2. Federal Direct Student Loan Programs:
Accounting Policies: Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Trocaire College (the College), an entity as defined in Note 1 to the College’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards.
Basis of Accounting:
The College uses the accrual basis of accounting for federal programs. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system.
Indirect Costs:
Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance.
Total student loans guaranteed by the U.S. Department of Education issued through the College under Federal Direct Student Loans Assistance Listing #84.268 for the year ended May 31, 2023 were as follows: Direct Subsidized Loans $2,822,440, Direct Unsubsidized Loans $4,070,301 and Direct PLUS Loans $244,679 for a total of $7,137,420.