Title: GENERAL
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) has been
prepared in accordance with accounting principles generally accepted in the United States of
America. Amounts included in the accompanying schedule of expenditures of federal awards
are actual expenditures for the year ended August 31, 2023. The accompanying Schedule
presents the activity of all federal award programs of Jefferson Community College (the
College). 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 College’s operations, it is not intended to, and
does not, present the net position and revenues, expenses, and change in net position of the
College.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) has been prepared in accordance with accounting principles generally accepted in the United States of America. Amounts included in the accompanying schedule of expenditures of federal awards are actual expenditures for the year ended August 31, 2023. The accompanying Schedule presents the activity of all federal award programs of Jefferson Community College (the College). 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 College’s operations, it is not intended to, and does not, present the net position and revenues, expenses, and change in net position of the College
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) has been
prepared in accordance with accounting principles generally accepted in the United States of
America. Amounts included in the accompanying schedule of expenditures of federal awards
are actual expenditures for the year ended August 31, 2023. The accompanying Schedule
presents the activity of all federal award programs of Jefferson Community College (the
College). 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 College’s operations, it is not intended to, and
does not, present the net position and revenues, expenses, and change in net position of the
College.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the 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.
Title: INDIRECT COSTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) has been
prepared in accordance with accounting principles generally accepted in the United States of
America. Amounts included in the accompanying schedule of expenditures of federal awards
are actual expenditures for the year ended August 31, 2023. The accompanying Schedule
presents the activity of all federal award programs of Jefferson Community College (the
College). 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 College’s operations, it is not intended to, and
does not, present the net position and revenues, expenses, and change in net position of the
College.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.