Audit 324217

Title: Notes to the Schedule of Expenditures of Federal Awards (SEFA) Accounting Policies: The schedule of expenditures of the federal awards activity of Rust College, Inc. under the program of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awares (Uniform Guidance). The Summary of the Significant Accounting Policjies is that the expenditures which are reported on the Schedule are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contgained in the Uniform Gu9idance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the the Schedule represent adjustments or credits made in the normal course of business to the amounts reported as expenditures tin prior years. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The schedule of expenditures of the federal awards activity of Rust College, Inc. under the program of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awares (Uniform Guidance). The Summary of the Significant Accounting Policjies is that the expenditures which are reported on the Schedule are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contgained in the Uniform Gu9idance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the the Schedule represent adjustments or credits made in the normal course of business to the amounts reported as expenditures tin prior years.