Notes to SEFA
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in the SEFA 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
De Minimis Rate Used: Y
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported in the SEFA 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: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Expenditures reported in the SEFA 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
De Minimis Rate Used: Y
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.
Title: NOTE 4 – CONTINGENCIES
Accounting Policies: Expenditures reported in the SEFA 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
De Minimis Rate Used: Y
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Grant monies received and disbursed by the College are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the College does not believe that such disallowance, if any, would have a material effect on the financial position of the College. As of September 30, 2023, there were no material questioned or disallowed costs as a result of grant audits in process or completed.
Title: NOTE 5 – FEDERAL PASS-THROUGH FUNDS
Accounting Policies: Expenditures reported in the SEFA 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
De Minimis Rate Used: Y
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The College is also the sub-recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass-through funds. Federal awards other than those indicated as pass-through are considered direct.