Notes to SEFA
Title: General
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Spoon River College District 534 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Spoon River College District No. 534 (the College) for the year ended June 30, 2023, and is presented on the modified accrual basis of accounting. 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).
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the
basic financial statements. The College elected to not use the 10% de minimis indirect cost rate during the year ended June 30,
2023.
Title: Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Spoon River College District 534 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
For the year ended June 30, 2023, the College acted as a pass-through agency for Federal Direct Loans (subsidized and unsubsidized) to students in the amount of $468,753.
Title: Non-cash assistance
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Spoon River College District 534 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The College did not expend any federal awards in the form of non-cash assistance during the year ended June 30, 2023.
Title: Other Federal Award Information
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Spoon River College District 534 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The College did not receive or administer any insurance or loan guarantees during fiscal year ended June 30, 2023.