Notes to SEFA
Title: Federal Student Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (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 Schedule presents only a selected portion of the activities of the College. It is not intended to and does not; present either the financial position, changes in activities, or cash flows of the College. The accompanying Schedule includes the federal grant transactions of the College recorded on the accrual basis of accounting. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule due to program expenditures exceeding grant or contract budget limitations which are not reported as expenditures in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10 percent de minimis indirect cost rate for federal grants under Uniform Guidance.
The College administers the Federal Perkins Loan Program, and balances and transactions relating tothis program are included in the College's financial statements. Loans outstanding at the beginning of theyear and loans made during the year are included in the federal expenditures presented in the Schedule.The total loans outstanding under the Federal Perkins Loan Program at June 30, 2022 were $146,125.