Notes to SEFA
Title: Assistance Listing Numbers
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. TheCollege has elected not to use the 10-percent de minimus indirect cost rate allowed under theUniform Guidance.For purposes of the Schedule, federal awards include all grants, contracts and similar agreementsentered into directly between the College and agencies and departments of the federal governmentand all subawards to the College by nonfederal organizations pursuant to federal grants, contractsand similar agreements. The awards are classified into Type A and Type B categories inaccordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Programs classified as Type A are as follows:Student Financial Assistance ProgramsHigher Education Emergency Relief Fund
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Assistance Listing (formerly Catalog of Federal Domestic Assistance, CFDA) numbers areassigned to contracts and grants on the basis of program type. Assistance Listing numbers and pass-through numbers are provided when available.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. TheCollege has elected not to use the 10-percent de minimus indirect cost rate allowed under theUniform Guidance.For purposes of the Schedule, federal awards include all grants, contracts and similar agreementsentered into directly between the College and agencies and departments of the federal governmentand all subawards to the College by nonfederal organizations pursuant to federal grants, contractsand similar agreements. The awards are classified into Type A and Type B categories inaccordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Programs classified as Type A are as follows:Student Financial Assistance ProgramsHigher Education Emergency Relief Fund
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Snead State Community College (the College) under programs of the federal government for the year ended September 30, 2022. 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 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.
Title: Federal Direct Student Loan
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. TheCollege has elected not to use the 10-percent de minimus indirect cost rate allowed under theUniform Guidance.For purposes of the Schedule, federal awards include all grants, contracts and similar agreementsentered into directly between the College and agencies and departments of the federal governmentand all subawards to the College by nonfederal organizations pursuant to federal grants, contractsand similar agreements. The awards are classified into Type A and Type B categories inaccordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Programs classified as Type A are as follows:Student Financial Assistance ProgramsHigher Education Emergency Relief Fund
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Direct Loan program enables an eligible student or parent to obtain a loan to pay for the students cost of attendance directly through the College rather than through private lenders. As a college qualified to originate loans, the College is responsible for handling the complete loan origination process, including funds management and promissory note functions. During the program year, the College processed approximately $1.75 million of student loans under the Direct Loan program.