Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures presented on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles as found in the Uniform Guidance. The College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. The College did not receive any federal noncash assistance for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10 percent de minimus indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the Federal award program expenditures of the College 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the College’s financial statements.
Title: RELATIONSHIP TO COLLEGE’S FINANCIAL STATEMENTS
Accounting Policies: Expenditures presented on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles as found in the Uniform Guidance. The College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. The College did not receive any federal noncash assistance for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10 percent de minimus indirect cost rate.
Federal Pell Grant, Federal Direct Student Loans, Federal Work-Study Program and Federal Supplemental Educational Opportunity Grant award expenditures, as reported in the Schedule of Expenditures of Federal Awards, reimburse all or part of tuition and fees due from students. Excess award amounts are refunded to the students. Federal awards, except the Governor's Emergency Education Relief Fund, are not recognized in the College’s financial statements for the year ended June 30, 2024.