Notes to SEFA
Accounting Policies: NOTE 2: SIGNIFICANT ACCOUNTING POLICIES USED IN PREPARING THE SCHEDULEThe expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended by the College for the purposes of the award. The expenditures reported above may not have been reimbursed by the funding agencies as of the end of the fiscal year. Some amounts reported in the schedule may differ from amounts used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the schedule. Since the College has an agency approved Indirect Recovery Rate, it has elected not to use the 10% de minimis cost rate as permitted in the UG, section 200.414.NOTE 3: EXPENDITURES NOT SUBJECT TO FEDERAL SINGLE AUDITN/ANOTE 4: STUDENT LOANS PROCESSED AND ADMINISTRATIVE COSTS RECOVEREDThe College does not offer student loans.NOTE 5: NONMONETARY FEDERAL ASSISTANCEThe College did not receive nonmonetary federal assistance.NOTE 6: AMOUNTS PASSED THROUGH BY THE COLLEGEA total amount of $127,925 was passed through to Panola College by the College. Of this total, $127,925 was from the Adult Education and Literacy Program. CFDA 84.002.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.