Audit 331211

Title: Adjustments and Transfers Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Sinclair Community College (the “College”) under programs of the federal government for the year ended June 30, 2024. The information in the 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 (the “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 position, or cash flows of the College. Expenditures reported in the Schedule are reported on accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The pass through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance. The College carried forward $4,613 of Federal Supplemental Education Opportunity Grant (FSEOG) Program (84.007) funds from the 2022-2023 award year, which was spent in the 2023-2024 award year. The College carried forward $47,944 of FSEOG Program funds from the 2023-2024 award year to be spent in the 2024-2025 award year. During 2024, the College also transferred and spent $75,000 of Federal Work-Study Program (84.033) funds in the FSEOG program.