Notes to SEFA
Title: Description
Accounting Policies: Basis of Presentation - The financial activity shown in the Schedule of Expenditures of Federal Awards reflects amounts recorded by the College on the accrual basis, during its fiscal year July 1, 2023 through June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Midlands Technical College has adopted Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards were adopted to fulfill the financial and compliance audit requirements of federal grantor agencies. For purposes of implementing Uniform Guidance, federal grant awards were susceptible to audit and are included in the Schedule of Expenditures of Federal Awards.
Title: Loan Programs
Accounting Policies: Basis of Presentation - The financial activity shown in the Schedule of Expenditures of Federal Awards reflects amounts recorded by the College on the accrual basis, during its fiscal year July 1, 2023 through June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The College has students who have approved Federal Direct Loans. Those loans were disbursed to the students during the current fiscal year. The College is not the lender. The College only processes the loans for the lender, the Department of Education. The total Federal Direct Loans for the current fiscal year were $7,651,570.