Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: Expenditures for federal programs are recognized as incurred by the College. Student financial aid
programs include the federal share of students’ FSEOG program grants and FWS program earnings, certain
other federal financial aid for students and administrative cost allowances, where applicable. Federal Pell
Grant and Teacher Education Assistance for College and Higher Education Grant awards are recognized
as agency transactions and are not recorded as expenditures in the financial statements. The College elected
not to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The College elected
not to use the 10% de minimus indirect cost rate.
The accompanying schedule of expenditures of federal awards and state financial assistance includes the
federal and state grant activity of the College and is presented using the accrual basis of accounting. The
information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of, the financial statements.
Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOR EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: Expenditures for federal programs are recognized as incurred by the College. Student financial aid
programs include the federal share of students’ FSEOG program grants and FWS program earnings, certain
other federal financial aid for students and administrative cost allowances, where applicable. Federal Pell
Grant and Teacher Education Assistance for College and Higher Education Grant awards are recognized
as agency transactions and are not recorded as expenditures in the financial statements. The College elected
not to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The College elected
not to use the 10% de minimus indirect cost rate.
Expenditures for federal programs are recognized as incurred by the College. Student financial aid
programs include the federal share of students’ FSEOG program grants and FWS program earnings, certain
other federal financial aid for students and administrative cost allowances, where applicable. Federal Pell
Grant and Teacher Education Assistance for College and Higher Education Grant awards are recognized
as agency transactions and are not recorded as expenditures in the financial statements. The College elected
not to use the 10% de minimus indirect cost rate.
Title: NOTE 3 FEDERAL DIRECT LOAN PROGRAM
Accounting Policies: Expenditures for federal programs are recognized as incurred by the College. Student financial aid
programs include the federal share of students’ FSEOG program grants and FWS program earnings, certain
other federal financial aid for students and administrative cost allowances, where applicable. Federal Pell
Grant and Teacher Education Assistance for College and Higher Education Grant awards are recognized
as agency transactions and are not recorded as expenditures in the financial statements. The College elected
not to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The College elected
not to use the 10% de minimus indirect cost rate.
The College is responsible for the performance of only certain administrative duties with respect to its
Federal Direct Loan program and, accordingly, these loans are not included in its financial statements. It
is not practical to determine the balance of loans outstanding to students and former students of the College
under these programs as of May 31, 2024.
Title: NOTE 4 FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: Expenditures for federal programs are recognized as incurred by the College. Student financial aid
programs include the federal share of students’ FSEOG program grants and FWS program earnings, certain
other federal financial aid for students and administrative cost allowances, where applicable. Federal Pell
Grant and Teacher Education Assistance for College and Higher Education Grant awards are recognized
as agency transactions and are not recorded as expenditures in the financial statements. The College elected
not to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The College elected
not to use the 10% de minimus indirect cost rate.
The College successfully completed the closeout of its Federal Perkins Loan Program in accordance with
the Perkins Loan Assignment and Liquidation Guide. The cumulative loans outstanding (net of principal
repayments and cancellations) under the Federal Perkins Loan Program as of May 31, 2023, totaled $0, as
previously reported. During the year ended May 31, 2024, the College finalized the liquidation process,
which included the assignment of any remaining defaulted loans to the U.S. Department of Education, the
reconciliation of loan records with the National Student Loan Data System (NSLDS), and the submission
of required documentation.
As a result, the Federal Perkins Loan Program is now officially closed at the College, with no further loan
advances or outstanding balances as of the end of the fiscal year.