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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
federal award activity of Rose State College (the College) 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 (the
Uniform Guidance). Because the Schedule presents only a selected portion of the operations
of the College, it is not intended to and does not present the financial position, changes in net
position, or cash flows of the College.
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 the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the 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. The
College has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Title: Federal Direct Student Loan Program
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The College participates in the Federal Direct Loan Program (the Program), CFDA number
84.268, which includes the Federal Subsidized Direct Loan, the Federal Unsubsidized Direct
Loan, the Federal Graduate Student PLUS Direct Loan and Federal Direct Loans Parents of
Undergraduate Students. The Federal Direct Loan Program requires the College to draw down
cash; and the College is required to perform certain administrative functions under the Program.
Failure to perform such functions may require the College to reimburse the loan guarantee
agencies. The College is not responsible for the collection of these loans. The value of loans
made during the audit period are considered Federal awards expended for the audit period.
Title: Subrecipients
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2024, the College did not provide any federal awards to
subrecipients.