Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting,
which is described in Note 1 of the College’s financial statements. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. Negative amounts
reflected in the Schedule represent adjustments or resulting from the normal course of business to
amounts reported as expenditures in prior years. Pass-through entity identifying numbers are
presented where available.
De Minimis Rate Used: N
Rate Explanation: he College has not elected to use is indirect
cost rate
allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of
the College under programs of the federal government for the year ended June 30, 2024. The
information in this Schedule is presented in accordance with the requirements of the Title 2
U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule
presents only a selected
ge, it is not intended to and does not present the
financial position, changes in net assets or cash flows of the College.