Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in conformity with accounting principles generally accepted in the United States. Amounts included in the accompanying schedule of expenditures of federal awards are actual expenditures for the year ended August 31, 2022. The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Cayuga Community College (the College). 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 of expenditures of federal awards presents only a selected portion of the College’s operations, it is not intended to, and does not, present the net position and revenues, expenses, and change in net position 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: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The College has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.