Notes to SEFA
Title: Other
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Morton College (College) under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. .
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan program listed on the schedule of expenditures of federal awards are not directly administered by the College.