Notes to SEFA
Title: Adjustments and Transfers
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Kalamazoo Valley Community College (the College) under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the 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. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 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. The pass through entity identifying numbers are presented where available. The College has elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
As allowable and in accordance with federal regulations issued by the U.S. Department of Education, Kalamazoo Valley Community College transferred $160,641 and $183,877 of Federal Work Study (FWS) funds (84.033) to the Federal Supplemental Education Opportunity Grant (SEOG) funds (84.007) during the year ended June 30, 2022 and 2021, respectively. The College carried forward $3,001 of SEOG funds from the year ended June 30, 2021 to the year ended June 30, 2022 and carried back $22,366 of SEOG funds from the year ended June 30, 2023 to the year ending June 30, 2022. In addition, the College carried back $19,358 of FWS funds from the year ended June 30, 2023 to the year ending June 30, 2022.