Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofthe College and is presented using the accrual basis of accounting. The information in this schedule ispresented in accordance with the requirements of Title 2 U.S Code of Federal Regulations (CFR)Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards. Therefore, some amounts presented in this schedule may differ from amounts presented in,or used in the preparation of, the basic financial statements. Expenditures for federal student financial aid programs are recognized as incurred and include the federal share of students FSEOG program grants and FWS program earnings, and administrative costallowances, where applicable. Federal Pell Grants, TEACH awards, and Direct Loans are recognizedas agency transactions and are not recorded as expenditures in the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.