Notes to SEFA
Title: Description
Accounting Policies: Basis of PresentationThe financial activity shown in the Schedule of Expenditures of Federal Awards reflects amounts recorded by the College on the accrual basis, during its fiscal year July 1, 2021 through June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Midlands Technical College has adopted Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards were adopted to fulfill the financial and compliance audit requirements of federal grantor agencies. For purposes of implementing Uniform Guidance, federal grant awards were susceptible to audit and are included in the Schedule of Expenditures of Federal Awards.