Notes to SEFA
Accounting Policies: The expenditures included in the schedule are reported for the college's fiscal year. Expenditure reports to fundingagencies are prepared on the award period basis. The expenditures reported above represent funds which havebeen expended by the college for the purposes of the award. The expenditures reported above may not have beenreimbursed by the funding agencies as of the end of the fiscal year. Some amounts reported in the schedule maydiffer from amounts used in the preparation of the basic financial statements. Separate accounts aremaintained for the different awards to aid in the observance of limitations and restrictions imposed by the fundingagencies. The college has followed all applicable guidelines issued by various entities in the preparation of the schedule.Since the college has agency approved Indirect Recovery Rate it has elected not to use the 10 percent de minimis costrate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.