Notes to SEFA
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
award activity of Zane State College (the College) under programs of the federal government for the
year ended June 30, 2023. The information on this Schedule is prepared 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.
NOTE B – SUMMARY OF SIGNIFICANT 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 may or may not be allowable or may be limited as to reimbursement.
NOTE C – INDIRECT COST RATE
The College has elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
NOTE D – FEDERAL DIRECT LOANS PROGRAM
The College participates in the Federal Direct Student Loan Program. The dollar amount listed in
the Schedule represents new loans advanced during the fiscal year ended June 30, 2023. The College
is a direct lender for these loan funds; however, they are not responsible for collecting these
loans in future periods.
NOTE E – REPORTING OF PRIOR YEAR FEDERAL AWARD RECEIPTS AND EXPENDITURES
During fiscal year 2022, the College received and expended $32,920 in GEER-FAFSA21 federal awards
which should have been reported in the College’s 2022 Schedule of Federal Awards Receipts and
Expenditures but was not reported. The amount was not material to the 2022 Schedule of Federal
Awards Receipts and Expenditures and did not affect the testing of federal pro r 2022.
These
monies would have been reported under Federal AL Number 84.425C.
De Minimis Rate Used: N
Rate Explanation: N/A