Notes to SEFA
Accounting Policies: Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal
award activity of Oakton College (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 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.
Basis of Accounting and Cost Principles:
Expenditures reported in the Schedule are reported on the accrual 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 are not allowable or are limited as to reimbursement. Negative
amounts shown on the Schedule represent adjustments or credits made in the normal course of business
to amounts reported as expenditures in prior years.
Federal Student Loan Programs:
Federally guaranteed loans issued to students of the College by financial institutions under the Federal
Direct Loan Program were $231,205 during the year ended June 30, 2024.
Subrecipients:
Of the federal expenditures presented in the Schedule, the College did not provide any federal awards to
subrecipients.
Non-Cash Assistance:
The College had no non-cash assistance during the year.
Federal Insurance:
The College had no Federal insurance in force during the year.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de
minimis indirect cost rate allowed under the Uniform Guidance.