Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Spartanburg Community College. The reporting entity is defined in Note 1 of the College's financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule.
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 Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Spartanburg Community College. The reporting entity is defined in Note 1 of the College’s financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule.
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Spartanburg Community College. The reporting entity is defined in Note 1 of the College's financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule.
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 Uniform Guidance.
The accompanying Schedule of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 of the College’s financial statements. The college has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
Title: Federal Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Spartanburg Community College. The reporting entity is defined in Note 1 of the College's financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule.
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 Uniform Guidance.
The College has students who have approved loans which were received by those students during the current year. The totals and types of loans received for the current fiscal year are: Federal Direct Loans Subsidized $745,350 Unsubsidized $1,236,848 Total $1,982,198