Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES USED IN PREPARING SCHEDULE
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule E) includes the federal award activity of Austin Community College District under programs of the federal government for the year ended August 31, 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). The Schedule presents only a selected portion of the operations of Austin Community College District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Austin Community College District.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The expenditures included in the schedule are reported for the College’s fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended by the College for the purposes of the award. The expenditures reported above may not have been reimbursed by the funding agencies as of the end of the fiscal year. Some amounts reported in the schedule may differ from amounts used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the schedule.
Title: FEDERAL STUDENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule E) includes the federal award activity of Austin Community College District under programs of the federal government for the year ended August 31, 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). The Schedule presents only a selected portion of the operations of Austin Community College District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Austin Community College District.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
During the fiscal year ended August 31, 2023, Austin Community College District issued new loans to students under the Federal Direct Student Loan Program (FDLP). The loan program includes subsidized and unsubsidized Stafford Loans, Parent PLUS Loans and PLUS Loans for students. The value of loans issued for the FDLP is based on disbursed amounts. The loan amounts issued during the year are disclosed on the Schedule. Austin Community College District is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in Austin Community College District’s financial statements. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of Austin Community College District on August 31, 2023.