Notes to SEFA
Title: Basis of Presentation
Accounting Policies: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award 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: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
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 as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Indirect Cost Rate
Accounting Policies: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Federal Loan Programs
Accounting Policies: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
The federal loan programs listed subsequently are administered directly by the College, and balances and transactions relating to these programs are included in the College’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2024 consists ofAssistance Listing 84.038 - Federal Perkins Loan Program, balance outstanding at 6/30/24 = $128,897