Notes to SEFA
Title: Federal Family Education Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (schedule) includes the federal grant activity of the College under programs of the federal government for the fiscal year ended June 30, 2023. Expenditures reported on the schedule are reported on the same basis of accounting as the financial statements, although the basis for determining when federal awards are expended is presented in accordance with the requirements of the Uniform Guidance. In addition, expenditures reported on the schedule 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. Therefore, some amounts presented in this schedule may differ from amounts presented, or used, in the preparation of the financial statements.
Because the schedule presents only a selected portion of the operations of Delta College, it is not intended to, and does not present the financial position, changes in net position, or cash flows, of Delta College.
The College’s reporting entity is defined in Note 1 to the College’s financial statements. All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies is included on the schedule.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Federal Family Education Loans (Assistance Listing #84.032) reported on the schedule of expenditures of federal awards is comprised of the following at June 30, 2023:
Federal Program Amount
Stafford subsidized $1,817,317
Stafford unsubsidized 2,353,289
Plus 124,674
$4,295,280
Title: Grant Auditor's Report
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (schedule) includes the federal grant activity of the College under programs of the federal government for the fiscal year ended June 30, 2023. Expenditures reported on the schedule are reported on the same basis of accounting as the financial statements, although the basis for determining when federal awards are expended is presented in accordance with the requirements of the Uniform Guidance. In addition, expenditures reported on the schedule 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. Therefore, some amounts presented in this schedule may differ from amounts presented, or used, in the preparation of the financial statements.
Because the schedule presents only a selected portion of the operations of Delta College, it is not intended to, and does not present the financial position, changes in net position, or cash flows, of Delta College.
The College’s reporting entity is defined in Note 1 to the College’s financial statements. All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies is included on the schedule.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Management has utilized the Michigan Department of Education Grant Auditor’s Report (GAR) in preparing the Schedule of Expenditures of Federal Awards for grants processed through the Department’s Cash Management System (CMS). Unreconciled differences, if any, have been disclosed to the auditor.