Title: Note 3: LOAN / LOAN GUARANTEE OUTSTANDING BALANCES
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. 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 September 30, 2022. The information in this 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 (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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10percent de minimis indirect cost rate allowed under theUniform Guidance.
The College did not have any federal loans or loan guarantees outstanding during the year ended September 30, 2022.
Title: Note 4: SUBRECIPIENTS
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. 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 September 30, 2022. The information in this 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 (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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10percent de minimis indirect cost rate allowed under theUniform Guidance.
During the year ended September 30, 2022 the College had no subrecipients.
Title: Note 5: NONCASH ASSISTANCE AND OTHER
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. 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 September 30, 2022. The information in this 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 (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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10percent de minimis indirect cost rate allowed under theUniform Guidance.
The College did not receive any noncash assistance or federally funded insurance during the year ended September 30, 2022.
Title: Note 6: CONTINGENCIES
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. 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 September 30, 2022. The information in this 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 (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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10percent de minimis indirect cost rate allowed under theUniform Guidance.
Grant monies received and disbursed by the College are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the College does not believe that such disallowance, if any, would have a material effect on the financial position of the College.
Title: Note 7: FEDERAL PASSTHROUGH FUNDS
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. 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 September 30, 2022. The information in this 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 (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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10percent de minimis indirect cost rate allowed under theUniform Guidance.
The College is also the subrecipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal passthrough funds. Federal awards other than those indicated as passthrough are considered to be direct.