Notes to SEFA
Accounting Policies: Notes to the Supplementary Information1. The accompanying schedule includes all federal awards administrated by Northeast Mississippi Community College. 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).2. This schedule was prepared using the same basis of accounting and the same significant accounting policies, as applicable, used for the financial statements, with the following exceptions:3. For purposes of this schedule, loans made to students under the Federal Direct Student Loans (ALN #84.268) are presented as federal expenditures. The loans are a direct benefit to students and therefore are eliminated out of the Statement of Revenues, Expenses and Changes in Net Position.4. Expenditures presented on the schedule of expenditures of Federal awards are recognized following the cost principles as found in the Uniform Guidance. The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Both
Rate Explanation: SOME AWARDS HAVE NO INDIRECT COSTS INCLUDED. OTHERS HAVE A RATE LESS THAN THE DE MINIMIS RATE BECAUSE THE PASS-THROUGH ENTITIES WOULD NOT AGREE TO PAY THE DE MINIMIS RATE.