Notes to SEFA
Title: Note 3. Federal Perkins Loan Program (Federal Assistance Listing Number 84.038)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, 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 to expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
The Federal Perkins Loan Program is administered directly by the College, and balances and transactions relating
to the program are included in the loan fund of the College’s consolidated financial statements. The balance of
loans outstanding under the Federal Perkins Loan Program was $588,153 as of June 30, 2023.
Title: Note 5. Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, 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 to expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.
Of the federal expenditures presented in the Schedule, the College provided no federal awards to subrecipients.