Notes to SEFA
Title: General
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Spoon River College District 534 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The College has a federally negotiated rate with the U.S. Department of Health and Human Services of 30% of direct salaries and wages including all fringe benefits.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Spoon River College District No. 534 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 Spoon River College District #534, it is not intended to and does not present the financial position, changes in net position or cash flows of Spoon River College District #534.
Title: Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Spoon River College District 534 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The College has a federally negotiated rate with the U.S. Department of Health and Human Services of 30% of direct salaries and wages including all fringe benefits.
For the year ended June 30, 2024, the College acted as a pass-through agency for Federal Direct Loans (subsidized and unsubsidized) to students in the amount of $531,713.
Title: Non-cash assistance
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Spoon River College District 534 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The College has a federally negotiated rate with the U.S. Department of Health and Human Services of 30% of direct salaries and wages including all fringe benefits.
The College did not expend any federal awards in the form of non-cash assistance during the year ended June 30, 2024.
Title: Other Federal Award Information
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Spoon River College District 534 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The College has a federally negotiated rate with the U.S. Department of Health and Human Services of 30% of direct salaries and wages including all fringe benefits.
The College did not receive or administer any insurance or loan guarantees during fiscal year ended June 30, 2024.