Notes to SEFA
Accounting Policies: NOTE 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Schedule of Expenditures of Federal Awards includes the federal grant activity of AikenTechnical College (the College) and is prepared on the accrual basis of accounting. Program Type Determination Type A programs are defined as federal programs with federal expenditures exceeding $750,000.The threshold of $750,000 was used in distinguishing between Type A and Type B programs. Method of Major Program Selection The risk-based approach was used in the selection of federal programs to be tested as majorprograms. The College qualified as a low-risk auditee for the fiscal year ended June 30, 2022.NOTE 2. DE MINIMIS INDIRECT COST RATEThe College chose not to use the ten percent de Minimis cost rate for the year ended June 30,2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.