Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southeastern Illinois College Community College District No. 533 has a plan for allocation of
common and indirect costs related to grant programs in accordance with the Uniform Guidance. The
indirect cost rate used to allocate amounts to grant programs during the fiscal year ended June 30,
2024, is primarily based on a federally negotiated higher education rate agreement. The College has
elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activity of Southeastern Illinois College Community College District No. 533 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
(Uniform Guidance). Because the Schedule presents only a selected portion of the operations of
Southeastern Illinois College Community College District No. 533, 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: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southeastern Illinois College Community College District No. 533 has a plan for allocation of
common and indirect costs related to grant programs in accordance with the Uniform Guidance. The
indirect cost rate used to allocate amounts to grant programs during the fiscal year ended June 30,
2024, is primarily based on a federally negotiated higher education rate agreement. The College has
elected not to use the 10% de minimis indirect cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles of the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited to reimbursement.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southeastern Illinois College Community College District No. 533 has a plan for allocation of
common and indirect costs related to grant programs in accordance with the Uniform Guidance. The
indirect cost rate used to allocate amounts to grant programs during the fiscal year ended June 30,
2024, is primarily based on a federally negotiated higher education rate agreement. The College has
elected not to use the 10% de minimis indirect cost rate.
There were no subrecipients for the year ended June 30, 2024.
Title: NONCASH AWARDS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southeastern Illinois College Community College District No. 533 has a plan for allocation of
common and indirect costs related to grant programs in accordance with the Uniform Guidance. The
indirect cost rate used to allocate amounts to grant programs during the fiscal year ended June 30,
2024, is primarily based on a federally negotiated higher education rate agreement. The College has
elected not to use the 10% de minimis indirect cost rate.
There were no noncash awards reported on the Schedule for the year ended June 30, 2024.
Title: LOANS OR LOAN GUARANTEES OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southeastern Illinois College Community College District No. 533 has a plan for allocation of
common and indirect costs related to grant programs in accordance with the Uniform Guidance. The
indirect cost rate used to allocate amounts to grant programs during the fiscal year ended June 30,
2024, is primarily based on a federally negotiated higher education rate agreement. The College has
elected not to use the 10% de minimis indirect cost rate.
There were no loan programs for the year ended June 30, 2024.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southeastern Illinois College Community College District No. 533 has a plan for allocation of
common and indirect costs related to grant programs in accordance with the Uniform Guidance. The
indirect cost rate used to allocate amounts to grant programs during the fiscal year ended June 30,
2024, is primarily based on a federally negotiated higher education rate agreement. The College has
elected not to use the 10% de minimis indirect cost rate.
Southeastern Illinois College Community College District No. 533 has a plan for allocation of
common and indirect costs related to grant programs in accordance with the Uniform Guidance. The
indirect cost rate used to allocate amounts to grant programs during the fiscal year ended June 30,
2024, is primarily based on a federally negotiated higher education rate agreement. The College has
elected not to use the 10% de minimis indirect cost rate.