Notes to SEFA
Title: Note 1 - Federal Revenue Reconciliation
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports to funding agenciesare prepared on the award period basis. The expenditures reported represent funds that have been expended by theCollege for the purposes of the award. The expenditures reported may not have been reimbursed by the funding agenciesas of the end of the fiscal year. Some amounts included in the schedule may differ from amounts used in preparation ofthe basic financial statements. Separate accounts are maintained for the different awards to aid in the observance oflimitations and restrictions imposed by the funding agencies. The College has followed applicable guidelines issued byvarious entities in the preparation of the schedule. Since the College has agency approved Indirect Cost Recovery Rate,it has elected not to use the 10% de minimis cost rate as permitted in the Uniform Guidance, Section 200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. See last sentence in above note.
Federal revenues for the year ended August 31, 2022 are reported in the basic financial statements as follows: See notes to SEFA for chart/table.