Title: Note 1: Federal Assistance Reconciliation
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended by the College 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 basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the schedule. Since the College has agency-approved indirect recovery rate, it has elected not to
use the 10% de minimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
Other Operating Revenue-Federal Grants and Contracts revenue - per Schedule A $2,577,486
Add: Non-Operating Revenues-Federal Revenue, non-operating-per Schedule C $17,693,360 Total Federal Revenues per Schedule A and C $20,270,846 Reconciling Item: Add: Direct Student Loans $2,457,521 Total Federal Expenditures per Schedule of Expenditures and Federal Awards $22,728,367
Title: Note 2: Significant Accounting Policies used in Preparing the Schedule
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended by the College 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 basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the schedule. Since the College has agency-approved indirect recovery rate, it has elected not to
use the 10% de minimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended by the College 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 basic financial statements. Separate accountsare maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the
preparation of the schedule. Since the College has agency-approved indirect recovery rate, it has elected not to
use the 10% de minimis cost rate as permitted in the UG, section 200.414.
Title: Note 3: Expenditures Not Subject to Federal Single Audit
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended by the College 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 basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the schedule. Since the College has agency-approved indirect recovery rate, it has elected not to
use the 10% de minimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
None
Title: Note 4: Student Loans Processed and Administrative Costs Recovered
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended by the College 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 basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the schedule. Since the College has agency-approved indirect recovery rate, it has elected not to
use the 10% de minimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
None
Title: Note 5: Nonmonetary Federal Assistance
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended by the College 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 basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the schedule. Since the College has agency-approved indirect recovery rate, it has elected not to
use the 10% de minimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
None
Title: Note 6: Amounts Passed Through by the College
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended by the College 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 basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the schedule. Since the College has agency-approved indirect recovery rate, it has elected not to
use the 10% de minimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: Auditee did not elect to use the de minimis cost rate.
None