Notes to SEFA
Title: NOTE 1. FEDERAL ASSISTANCE RECONCILIATION
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 which
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. Some amounts reported in the
schedule may differ from amounts used in the preparation of the financial statements. Separate accounts are
maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding
agencies. Management believes they have 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 allowed under the Uniform Guidance.
Federal Revenues – per Schedule of Expenditures of Federal Awards:
Federal Grants and Contracts – per Schedule A $ 3,883,349
Federal Grants and Contracts – per Schedule C 71,876,016
Direct Loans 20,400,513
Veterans’ Administration (100,429)
Total Federal Revenues per Schedule
of Expenditures of Federal Awards $ 96,059,449
Title: NOTE 2. SIGNIFICANT ACCOUNTING POLICIES USED IN PREPARING THE SCHEDULE
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 which
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. Some amounts reported in the
schedule may differ from amounts used in the preparation of the financial statements. Separate accounts are
maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding
agencies. Management believes they have 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 allowed under the Uniform Guidance.
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 which
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. Some amounts reported in the
schedule may differ from amounts used in the preparation of the financial statements. Separate accounts are
maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding
agencies. Management believes they have followed all applicable guidelines issued by various entities in the
preparation of the schedule.
Title: NOTE 3. STUDENT LOANS PROCESSED AND ADMINISTRATIVE COSTS RECOVERED
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 which
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. Some amounts reported in the
schedule may differ from amounts used in the preparation of the financial statements. Separate accounts are
maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding
agencies. Management believes they have 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 allowed under the Uniform Guidance.
Total Loans
Admin Processed &
Federal Grantor/ New Loans Cost Admin Cost
CFDA Number/Program Name Processed Recovered Recovered
U.S. Department of Education:
84.268 Direct Loans $ 20,400,513 $ $ 20,400,513
Title: NOTE 4. INDIRECT COST RATE
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 which
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. Some amounts reported in the
schedule may differ from amounts used in the preparation of the financial statements. Separate accounts are
maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding
agencies. Management believes they have 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 allowed under the Uniform Guidance.
The District has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.