Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the SEFA) includes the federal award activity of BGCC under programs of the federal government for the year ended June 30, 2023. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S. CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). As the SEFA presents only a selected portion of the operations of BGCC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of BGCC.
Expenditures reported on the SEFA 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. BGCC has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the SEFA) includes the federal award activity of BGCC under programs of the federal government for the year ended June 30, 2023. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S. CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). As the SEFA presents only a selected portion of the operations of BGCC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of BGCC.
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the SEFA) includes the federal award activity of BGCC under programs of the federal government for the year ended June 30, 2023. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S. CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). As the SEFA presents only a selected portion of the operations of BGCC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of BGCC.
Expenditures reported on the SEFA 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. BGCC has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the SEFA 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. BGCC has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Other Matters
Accounting Policies: The accompanying schedule of expenditures of federal awards (the SEFA) includes the federal award activity of BGCC under programs of the federal government for the year ended June 30, 2023. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S. CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). As the SEFA presents only a selected portion of the operations of BGCC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of BGCC.
Expenditures reported on the SEFA 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. BGCC has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amount of Noncash Assistance - None
Amount of Insurance - None
Amount of Loans - None
Amount of Loan Guarantees - None