Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Federal Schedule) includes the federal grant activity of College Board (the Board) under programs of the federal government for the year ended December 31, 2022, as described in Note 1 of the consolidated financial statements. The information in this Federal 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 Federal Schedule presents only a selected portion of the operations of the Board it is not intended to and does not present the financial position, changes in net assets or cash flows of the Board. All Assistance Listing Numbers and passthrough awards numbers are presented where available and applicable.
De Minimis Rate Used: N
Rate Explanation: The Board uses a negotiated provisional indirect cost rate of 22.9% for certain awards, except where the award requires a different rate, and therefore the 10% de minimis indirect cost rate, as described in Section 200.414 of the Uniform Guidance is not applicable to the Board.
Expenditures reported in the Federal Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain expenditures are not allowable or are limited as to reimbursement. Additionally, the Board did not pass through any federal funds to subrecipients and thus this information is not applicable to the Federal Schedule.