Title: Note 1 – Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of East Central Community College under programs of the federal government for the year ended June 30, 2023. The schedule presents only a selected portion of the operations of East Central Community College and is not intended to, and does not, present the financial position, changes in net position, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of East Central Community College under programs of the federal government for the year ended June 30, 2023. The schedule presents only a selected portion of the operations of East Central Community College and is not intended to, and does not, present the financial position, changes in net position, or cash flows of the College.
Title: Note 2 – Basis of Accounting and Program Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of East Central Community College under programs of the federal government for the year ended June 30, 2023. The schedule presents only a selected portion of the operations of East Central Community College and is not intended to, and does not, present the financial position, changes in net position, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: N/A
The schedule is prepared on the same basis of accounting as East Central Community College’s financial statements. The College uses the economic resources measurement focus and the accrual basis of accounting whereby all expenses are recorded when they have been reduced to a legal or contractual obligation to pay, which is in accordance with accounting principles generally accepted in the United States of America. Expenditures reported on the schedule are reported on the accrual basis of accounting. Entire program costs, including the College’s portion, are more than shown. Such expenditures are recognized following the cost principals contained in OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to its reimbursements
Title: Note 3 – Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of East Central Community College under programs of the federal government for the year ended June 30, 2023. The schedule presents only a selected portion of the operations of East Central Community College and is not intended to, and does not, present the financial position, changes in net position, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: N/A
The College has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
Title: Note 4 – Federal Direct Student Loan
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of East Central Community College under programs of the federal government for the year ended June 30, 2023. The schedule presents only a selected portion of the operations of East Central Community College and is not intended to, and does not, present the financial position, changes in net position, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: N/A
For purposes of this schedule, loans made to students under the Federal Direct Student Loan (Assistance Listing # 84.268) are presented as federal expenditures. Neither the funds advanced to students nor the outstanding loan balance is included in the financial statements since the loans are made and subsequently collected by federal lending institutions. Federal Grants per this schedule $11,420,216 - Less Student Loans 758,548 = Federal grants and contracts $10,661,668.