Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the
expenditures of Finger Lakes Community College (the College) under programs of the federal
government for the year ended August 31, 2023 and has been prepared in conformity with
accounting principles generally accepted in the United States of America. 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 financial position, or cash flows of the College.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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance