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 in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has an approved federal indirect cost rate of 51.5%, and has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
grant activity of 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 (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 assets, 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 in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has an approved federal indirect cost rate of 51.5%, and has elected not to use the 10 percent de minimis indirect cost rate as 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 in reimbursement.
Title: Indirect Cost Rate
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 in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has an approved federal indirect cost rate of 51.5%, and has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The College has an approved federal indirect cost rate of 51.5%, and has elected not to use the 10
percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Federal Perkins 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 in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has an approved federal indirect cost rate of 51.5%, and has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Outstanding loan balances under the Perkins Loan Program were $273,018 as of June 30, 2024.
Title: Federal Direct 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 in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has an approved federal indirect cost rate of 51.5%, and has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The College originates but does not provide funding for Federal Direct Loans (FDSLs). The amount
presented represents the value of new FDSLs awarded by the government during the year.