Notes to SEFA
Title: 1
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 limite
De Minimis Rate Used: N
Rate Explanation: TAC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "schedule") includes the federal award activity of Laguna College of Art and Design 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of LCAD, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LCAD.
Title: 2
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 limite
De Minimis Rate Used: N
Rate Explanation: TAC has elected not to use the 10-percent de minimis indirect cost rate 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 to reimbursement.
Title: 3
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 limite
De Minimis Rate Used: N
Rate Explanation: TAC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
LCAD has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 4
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 limite
De Minimis Rate Used: N
Rate Explanation: TAC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the Schedule agree in all material respects with the amounts reported in the related federal financial reports.