Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures may or may not be allowable or may be limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10- percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
The accompanying schedule of federal awards expenditures (the schedule) is a summary of the activity of
the College’s federal award programs. The information in this schedule is presented in accordance with
the requirements of 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 portion of the operations of the College, it is not intended to
and does not present the financial position, changes in net position, or cash flows of the College.
Title: Note 3 – Federal Direct Student Loan Program
Accounting Policies: Expenditures reported on the schedule are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures may or may not be allowable or may be limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10- percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
The College participates in the Federal Direct Student Loan Program. The dollar amounts listed in the
schedule of federal awards expenditures represents new loans advanced during the fiscal year ended June
30, 2024. The College is a direct lender for these loan funds; however, they are not responsible for
collecting these loans in future periods.