Notes to SEFA
Title: NOTE A
Accounting Policies: This schedule has been prepared in accordance with accounting principles generally accepted
in the United States of America. Revenues are recorded when earned. Expenditures are recorded
when goods or services are received.
De Minimis Rate Used: N
Rate Explanation: NONE
This schedule has been prepared in accordance with accounting principles generally accepted
in the United States of America. Revenues are recorded when earned. Expenditures are recorded
when goods or services are received.
Title: NOTE B
Accounting Policies: This schedule has been prepared in accordance with accounting principles generally accepted
in the United States of America. Revenues are recorded when earned. Expenditures are recorded
when goods or services are received.
De Minimis Rate Used: N
Rate Explanation: NONE
Labette Community College has not elected to use the 10% de minimis cost rate.
Title: NOTE C
Accounting Policies: This schedule has been prepared in accordance with accounting principles generally accepted
in the United States of America. Revenues are recorded when earned. Expenditures are recorded
when goods or services are received.
De Minimis Rate Used: N
Rate Explanation: NONE
(1) These are subsidized and unsubsidized loans to students and parents at the College
and are not included in the College's revenues and expenditures.