Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. 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 College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Emergency Management Agency’s (FEMA) Public Assistance expenditures reported on the Schedule related to the March 14, 2020 COVID-19 pandemic, which was a presidentially declared disaster. The expenditures of $999,394 were incurred in prior years and obligated by FEMA during the year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of 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 the requirements of 2 CFR 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 assets, or cash flows of the College.
Title: PERKINS LOAN PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. 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 College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Emergency Management Agency’s (FEMA) Public Assistance expenditures reported on the Schedule related to the March 14, 2020 COVID-19 pandemic, which was a presidentially declared disaster. The expenditures of $999,394 were incurred in prior years and obligated by FEMA during the year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal student loan programs listed subsequently are administered directly by the College, and balances and transactions relating to these programs are included in the College’s basic consolidated financial statements. During the year, there were no loans advanced under this program. The balance of loans outstanding at June 30, 2023 was $639,916.