Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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 and “frequently asked questions” (FAQs) and other guidance issued by the U.S. Department of Education, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Kilgore College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. If Grant Contracts specify an indirect cost rate allowable, that rate is used for those specific Grants only.
The accompanying schedules of expenditures of federal and state awards (the “Schedules”) include the federal and state award activity of Kilgore College under programs of federal and state governments for the year ended August 31, 2023. The information in these Schedules 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”), and Texas Grant Management Standards of the State of Texas. Because the Schedules present only a selected portion of the operations of the institution, they are not intended to and do not present the financial position, changes in net position, or cash flows of the institution.