Notes to SEFA
Title: BASIS OF PRESENTATION
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 Title 2 U. S. Code of Feral Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The Community College Foundation uses an arrangement other than the ten (10) percent de minimis indirect cost rate as covered in section 200.414 of the Uniform Guidance for Federal Awards. The Foundation is reimbursed under a flat fee or per class fee on their contracts with Los Angeles County Department of Children and Family Services.
De Minimis Rate Used: N
Rate Explanation: The Community College Foundation uses an arrangement other than the ten (10) percent de minimis indirect cost rate as covered in section 200.414 of the Uniform Guidance for Federal Awards. The Foundation is reimbursed under a flat fee or per class fee on their contracts with Los Angeles County Department of Children and Family Services.
The accompanying schedule of expenditures of Federal awards includes the Federal award activity of The Community College Foundation, under programs of the federal government for the year ended June 30, 2022, 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 Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Community College Foundation.