Audit 331024

Title: Note 1: Federal Assistance Reconciliation Accounting Policies: See Note 2 of the notes to the basic financial statements for the District's significant accounting policies. The expenditures included in the schedule are reported for the District'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 District 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. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in the preparation of the schedule. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate. Federal Assistance Reconciliation Direct federal grants and contracts revenue per Schedule A $ 5,003,325 Direct federal revenue, non-operating - Schedule C 6,728,211 Administration cost recovery (included in other revenue) 7,355 Total Federal Expenditures per Schedule of Expenditures of Federal Awards $ 11,738,891

Title: Note 2: Significant Accounting Policies Used in Preparing the Schedule Accounting Policies: See Note 2 of the notes to the basic financial statements for the District's significant accounting policies. The expenditures included in the schedule are reported for the District'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 District 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. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in the preparation of the schedule. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate. See Note 2 of the notes to the basic financial statements for the District's significant accounting policies. The expenditures included in the schedule are reported for the District'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 District 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. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in the preparation of the schedule.

Title: Note 3: Expenditures not Subject to Federal Single Audit Accounting Policies: See Note 2 of the notes to the basic financial statements for the District's significant accounting policies. The expenditures included in the schedule are reported for the District'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 District 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. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in the preparation of the schedule. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate. All expenditures are subject to Federal Single Audit.

Title: Note 4: Student Loans Processed and Administrative Costs Recovered - Included in Schedule Accounting Policies: See Note 2 of the notes to the basic financial statements for the District's significant accounting policies. The expenditures included in the schedule are reported for the District'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 District 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. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in the preparation of the schedule. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate. Federal Grantor/ Administrative Total Loans Assistance Listing Number/ New Loans Costs Processed & Admin. Program Name Processed Recovered Costs Recovered Department of Education 84.268 Federal Direct Student Loans (includes PLUS, subsidized and unsubsidized) $ 1,259,500 $ - $ 1,259,500

Title: Note 5: Nonmonetary Federal Assistance Received Accounting Policies: See Note 2 of the notes to the basic financial statements for the District's significant accounting policies. The expenditures included in the schedule are reported for the District'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 District 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. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in the preparation of the schedule. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate. No nonmonetary federal assistance was received.

Title: Note 6: Indirect Costs Accounting Policies: See Note 2 of the notes to the basic financial statements for the District's significant accounting policies. The expenditures included in the schedule are reported for the District'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 District 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. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in the preparation of the schedule. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate. The District has not elected to use the 10% de minimis indirect cost rate.