Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards and state financial assistance includes thefederal and state grant activity of the College and is presented using the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards. Therefore, some amounts presented in this schedule may differ fromamounts presented in, or used in the preparation of, the financial statements.Note 2. Summary of Significant Accounting Policies for Expenditures of Federal AwardsExpenditures for federal programs are recognized as incurred by the College. Student financial aidprograms include the federal share of students FSEOG program grants and FWS program earnings, certainother federal financial aid for students and administrative cost allowances, where applicable. Federal PellGrant and Teacher Education Assistance for College and Higher Education Grant awards are recognizedas agency transactions and are not recorded as expenditures in the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Cumulative loans outstanding (net of principal repayments and cancellations), under the Federal PerkinsLoan Program at May 31, 2022, totaled $739,665. There were no student loans advanced under the FederalPerkins Loan Program during the year ended May 31, 2022.
Title: FEDERAL DIRECT LOAN PROGRAM
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards and state financial assistance includes thefederal and state grant activity of the College and is presented using the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards. Therefore, some amounts presented in this schedule may differ fromamounts presented in, or used in the preparation of, the financial statements.Note 2. Summary of Significant Accounting Policies for Expenditures of Federal AwardsExpenditures for federal programs are recognized as incurred by the College. Student financial aidprograms include the federal share of students FSEOG program grants and FWS program earnings, certainother federal financial aid for students and administrative cost allowances, where applicable. Federal PellGrant and Teacher Education Assistance for College and Higher Education Grant awards are recognizedas agency transactions and are not recorded as expenditures in the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College is responsible for the performance of only certain administrative duties with respect to itsFederal Direct Loan program and, accordingly, these loans are not included in its financial statements. Itis not practical to determine the balance of loans outstanding to students and former students of the Collegeunder these programs as of May 31, 2022.