Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to the reimbursement. Negative amounts shown on the Schedule represent adjustment or credits made in the normal course of business amounts reported as expenditures in prior years. Student Financial Aid awards are reported based on the financial aid award year.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the De Minimis rate for indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of the College under programs of the federal government for the year ended June 30, 2023. 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 position, or cash flows of the College.
Title: STUDENT FINANCIAL ASSISTANCE LOAN PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to the reimbursement. Negative amounts shown on the Schedule represent adjustment or credits made in the normal course of business amounts reported as expenditures in prior years. Student Financial Aid awards are reported based on the financial aid award year.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the De Minimis rate for indirect costs.
The total loans granted under the Federal Direct Student Loan Program, which were not made by the College but were received by its students, were $15,678,271 for the year ended June 30, 2023.