Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in 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 reimburstment. The District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform guidance.
De Minimis Rate Used: N
Rate Explanation: They did not use minimal cost rate.
The accompanying schedule of expenditures of federal awards (schedule) includes the federal award activity of the college under programs of the federal government for the year ended June 30, 2024. The infiormation 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 the college, it is not intended to and does not present the financial postion or cash flows of the College.
Title: Student Financial Assistance
Accounting Policies: Expenditures reported in 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 reimburstment. The District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform guidance.
De Minimis Rate Used: N
Rate Explanation: They did not use minimal cost rate.
The college is resposible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program, and accordingly, these loans are not included in its financial statements. It is not practical to determine the balance of the loans outstanding to studnets and former students of the College under this program as of June 30, 2024
Title: Summary of significant accounting policies
Accounting Policies: Expenditures reported in 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 reimburstment. The District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform guidance.
De Minimis Rate Used: N
Rate Explanation: They did not use minimal cost rate.
Expenditures reported in 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 reimburstment. The District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform guidance.
Title: De Minimis Indirect cost rate
Accounting Policies: Expenditures reported in 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 reimburstment. The District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform guidance.
De Minimis Rate Used: N
Rate Explanation: They did not use minimal cost rate.
The District has not elected to use the 10% de minimis indirect cost rate as covered as covered in the Uniform Guidance indirect costs section.