Notes to SEFA
Title: Federal Assistance Reconciliation
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports tofunding agencies are prepared on the award period basis. The expenditures reported above represent funds thathave been expended by the College for the purposes of the award. The expenditures reported above may nothave been reimbursed by the funding agencies as of the end of the fiscal year. Some amounts reported in theschedule may differ from amounts used in the preparation of the basic financial statements. Separate accountsare maintained for the different awards to aid in the observance of limitations and restrictions imposed by thefunding agences. The College has followed all applicable guidelines issued by various entities in thepreparation of the schedule. Since the College has agency-approved indirect recovery rate, it has elected not touse the 10% de minimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Other Operating Revenue-Federal Grants and Contracts revenue- per Schedule A 15,711,535 Add: Non-Operating Revenues-Federal Revenue, non-operating-per Schedule C 20,756,257 Total Federal Revenues per Schedule Schedule A and C 36,467,792 Reconciling Item: Add: Direct Student Loans 2,255,803 Total Federal Expenditures per Schedule of Expenditures and Federal Awards 38,723,595
Title: Expenditures Not Subject to Federal Single Audit
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports tofunding agencies are prepared on the award period basis. The expenditures reported above represent funds thathave been expended by the College for the purposes of the award. The expenditures reported above may nothave been reimbursed by the funding agencies as of the end of the fiscal year. Some amounts reported in theschedule may differ from amounts used in the preparation of the basic financial statements. Separate accountsare maintained for the different awards to aid in the observance of limitations and restrictions imposed by thefunding agences. The College has followed all applicable guidelines issued by various entities in thepreparation of the schedule. Since the College has agency-approved indirect recovery rate, it has elected not touse the 10% de minimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
GSA_MIGRATION
Title: Student Loans Processed and Administrative Costs Recovered
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports tofunding agencies are prepared on the award period basis. The expenditures reported above represent funds thathave been expended by the College for the purposes of the award. The expenditures reported above may nothave been reimbursed by the funding agencies as of the end of the fiscal year. Some amounts reported in theschedule may differ from amounts used in the preparation of the basic financial statements. Separate accountsare maintained for the different awards to aid in the observance of limitations and restrictions imposed by thefunding agences. The College has followed all applicable guidelines issued by various entities in thepreparation of the schedule. Since the College has agency-approved indirect recovery rate, it has elected not touse the 10% de minimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
GSA_MIGRATION
Title: Nonmonetary Federal Assistance
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports tofunding agencies are prepared on the award period basis. The expenditures reported above represent funds thathave been expended by the College for the purposes of the award. The expenditures reported above may nothave been reimbursed by the funding agencies as of the end of the fiscal year. Some amounts reported in theschedule may differ from amounts used in the preparation of the basic financial statements. Separate accountsare maintained for the different awards to aid in the observance of limitations and restrictions imposed by thefunding agences. The College has followed all applicable guidelines issued by various entities in thepreparation of the schedule. Since the College has agency-approved indirect recovery rate, it has elected not touse the 10% de minimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
GSA_MIGRATION