Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, 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 (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass- through entity identifying numbers are presented in the schedule. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College uses an approved federally-negotiated indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the College and is presented on 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the changes in net position or cash flows of the College. All of the College’s federal awards were in the form of cash assistance for the year ended June 30, 2024.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, 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 (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass- through entity identifying numbers are presented in the schedule. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College uses an approved federally-negotiated indirect cost rate.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, 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 (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass- through entity identifying numbers are presented in the schedule. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Loan Programs
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, 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 (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass- through entity identifying numbers are presented in the schedule. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College uses an approved federally-negotiated indirect cost rate.
During the year ended June 30, 2024, the College processed the following amount of new loans under the Federal Direct Lending program. Since this program is administered by outside financial institutions, new loans made during the fiscal year relating to this program are considered current year expenditures in the schedule. ALN:84.268 Program Name: Federal Direct Lending Loan Expenditures: $5,954,902
Title: Reconcilation to the Basic Financial Statements
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, 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 (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass- through entity identifying numbers are presented in the schedule. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College uses an approved federally-negotiated indirect cost rate.
Total expenditures per the Schedule of Expenditures of Federal Awards reconciles to the College’s basic financial statements for the year ended June 30, 2024, as follows: Governmental grant and contracts, Statements of Revenues, Expenses and Changes In Net Position $12,461,514 Add: Loan disbursements not included in financial statements but on the schedule $5,954,902 Total expenditures per the schedule $18,416,416
Title: Student financial aid institutional and program eligibility metrics
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, 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 (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass- through entity identifying numbers are presented in the schedule. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College uses an approved federally-negotiated indirect cost rate.
The Institution is in compliance with the following institutional and program eligibility requirements under the Higher Education Act of 1965 and Federal regulations under 34 CFR 668.23: Correspondence courses the institution offers under 34 CFR 600.7 (a), (b) and (g). Regular students that enroll in correspondence courses under 34 CFR 600.7 (a), (b) and (g). Institution’s regular students that are incarcerated under 34 CFR 600.7 (a), (c) and (g). Completion rates for confined or incarcerated individuals enrolled in non-degree programs at nonprofit institutions under 34 CFR 600.7 (a), (c)(3)(ii) and (g). Institution’s regular students that lack a high school diploma or its equivalent under 34 CFR 600.7 (a), (d) and (g). Completion rates for short-term programs under 34 CFR 668.8(f) and (e)(2). Placement rates for short-term programs under 34 CFR 668.8(g) and (e)(2)