Title: Basis of Presentation
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as exenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has a 17.20% negotiated indirect cost rate agreement with the Department of Health and Human Services effective July 1, 2020 until amended. The College uses the negotiated indirect cost rate or the allowable indirect cost rate charged by the federal programs, whichever is lower.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Seminole State College (the College) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 net position, changes in net position, or cash flows of the College.
Title: Summary of Significant Accounting Policies
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as exenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has a 17.20% negotiated indirect cost rate agreement with the Department of Health and Human Services effective July 1, 2020 until amended. The College uses the negotiated indirect cost rate or the allowable indirect cost rate charged by the federal programs, whichever is lower.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Federal Direct Student Loan Program
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as exenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has a 17.20% negotiated indirect cost rate agreement with the Department of Health and Human Services effective July 1, 2020 until amended. The College uses the negotiated indirect cost rate or the allowable indirect cost rate charged by the federal programs, whichever is lower.
Under the Federal Direct Student Loans Program (Direct Loan Program), the U. S. Department of Education makes loans to enable a student or parent to pay the costs of the student’s attendance at a postsecondary school. The Direct Loan Program enables an eligible student or parent to obtain a loan to pay for the student’s cost of attendance directly from the U.S. Department of Education rather than through private lenders. The College administers the origination and disbursement of the loans to eligible students or parents. The College is not responsible for the collection of these loans.
Title: Subrecipients
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as exenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has a 17.20% negotiated indirect cost rate agreement with the Department of Health and Human Services effective July 1, 2020 until amended. The College uses the negotiated indirect cost rate or the allowable indirect cost rate charged by the federal programs, whichever is lower.
During the year ended June 30, 2023, the College did not provide any federal awards to subrecipients.
Title: Indirect Cost Rate
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as exenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has a 17.20% negotiated indirect cost rate agreement with the Department of Health and Human Services effective July 1, 2020 until amended. The College uses the negotiated indirect cost rate or the allowable indirect cost rate charged by the federal programs, whichever is lower.
The College has a 17.20% negotiated indirect cost rate agreement with the Department of Health and Human Services effective from July 1, 2020 until amended. The College uses the negotiated indirect cost rate or the allowable indirect cost rate charged by the federal programs, whichever is lower.