Notes to SEFA
Title: Note 3 Expenditures Not Subject to Federal Single Audit
Accounting Policies: The expenditures included in the schedule are reported for the Colleges fiscal year. Expenditure reportsto funding agencies are prepared on the award period basis. The expenditures reported above representfunds that have been expended by the College for the purposes of the award. The expenditures reportedabove may not have been reimbursed by the funding agencies as of the end of the fiscal year. Someamounts reported in the schedule may differ from amounts used in the preparation of the basic financialstatements. Separate accounts are maintained for the different awards to aid in the observance oflimitations and restrictions imposed by the funding agencies. The College has followed all applicableguidelines issued by various entities in the preparation of the schedule. Since the College has agencyapproved Indirect Recovery Rate it has elected not to use the 10% de minimis cost rate as permitted in theUniform Guidance, section 200.414.
De Minimis Rate Used: N
Rate Explanation: Since the College has agency approved Indirect Recovery Rate is has elected not to use the 10% de minimis cost rate as permitted in the Uniform Guidance, section 200.414.
The College expended funds from the Corporation for Public Broadcasting in the amount of $80,498. These were CARES Act funds provided by Congress to help public television and radio stations maintain local programming and services threatened by declines in non-federal revenue sources during the current economic decline triggered by COVID-19. CPB distributed these stabilization funds to eligible Community Service Grant (CSG) recipients in April 2022. These funds were not subject to federal single audit requirements.
Title: Note 4 Student Loans Processed and Administrative Costs Recovered
Accounting Policies: The expenditures included in the schedule are reported for the Colleges fiscal year. Expenditure reportsto funding agencies are prepared on the award period basis. The expenditures reported above representfunds that have been expended by the College for the purposes of the award. The expenditures reportedabove may not have been reimbursed by the funding agencies as of the end of the fiscal year. Someamounts reported in the schedule may differ from amounts used in the preparation of the basic financialstatements. Separate accounts are maintained for the different awards to aid in the observance oflimitations and restrictions imposed by the funding agencies. The College has followed all applicableguidelines issued by various entities in the preparation of the schedule. Since the College has agencyapproved Indirect Recovery Rate it has elected not to use the 10% de minimis cost rate as permitted in theUniform Guidance, section 200.414.
De Minimis Rate Used: N
Rate Explanation: Since the College has agency approved Indirect Recovery Rate is has elected not to use the 10% de minimis cost rate as permitted in the Uniform Guidance, section 200.414.
GSA_MIGRATION
Title: Note 5 Amounts Passed Through by the College
Accounting Policies: The expenditures included in the schedule are reported for the Colleges fiscal year. Expenditure reportsto funding agencies are prepared on the award period basis. The expenditures reported above representfunds that have been expended by the College for the purposes of the award. The expenditures reportedabove may not have been reimbursed by the funding agencies as of the end of the fiscal year. Someamounts reported in the schedule may differ from amounts used in the preparation of the basic financialstatements. Separate accounts are maintained for the different awards to aid in the observance oflimitations and restrictions imposed by the funding agencies. The College has followed all applicableguidelines issued by various entities in the preparation of the schedule. Since the College has agencyapproved Indirect Recovery Rate it has elected not to use the 10% de minimis cost rate as permitted in theUniform Guidance, section 200.414.
De Minimis Rate Used: N
Rate Explanation: Since the College has agency approved Indirect Recovery Rate is has elected not to use the 10% de minimis cost rate as permitted in the Uniform Guidance, section 200.414.
GSA_MIGRATION
Title: Note 6 Nonmonetary Assistance
Accounting Policies: The expenditures included in the schedule are reported for the Colleges fiscal year. Expenditure reportsto funding agencies are prepared on the award period basis. The expenditures reported above representfunds that have been expended by the College for the purposes of the award. The expenditures reportedabove may not have been reimbursed by the funding agencies as of the end of the fiscal year. Someamounts reported in the schedule may differ from amounts used in the preparation of the basic financialstatements. Separate accounts are maintained for the different awards to aid in the observance oflimitations and restrictions imposed by the funding agencies. The College has followed all applicableguidelines issued by various entities in the preparation of the schedule. Since the College has agencyapproved Indirect Recovery Rate it has elected not to use the 10% de minimis cost rate as permitted in theUniform Guidance, section 200.414.
De Minimis Rate Used: N
Rate Explanation: Since the College has agency approved Indirect Recovery Rate is has elected not to use the 10% de minimis cost rate as permitted in the Uniform Guidance, section 200.414.
GSA_MIGRATION