Notes to SEFA
Title: NOTE 1 – SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: Federal and state awards expended are reported on the accrual basis of accounting in conformity with generally accepted accounting principles as described in the notes to the financial statements. The schedule was prepared only from accounts of various grant programs and, therefore, does not present the financial position or results of operations of the Organization. Federal Awards expenditures agree or can be reconciled with the amounts reported in the Organization’s basic financial statements. Amounts reported in the accompanying schedule agree with amounts reported in related federal financial reports.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate.
The accompanying Schedule of expenditures of Federal Awards presents the activity of all Federal award programs of College Options, Inc. The Organization’s reporting entity is defined in Note 1 to the basic financial statements. All financial assistance received directly from the Federal agencies as well as Federal financial assistance passed through other governmental agencies to the Organization is included in the accompanying schedule.