Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 1. Expenditures reported in the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the College’s basic financial statements. 2. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: 1. The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of State Fair Community 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 State Fair Community College, it is not intended to and does not present the financial position, changes in net position, or cash flows of State Fair Community College.
Title: Loan Programs
Accounting Policies: 1. Expenditures reported in the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the College’s basic financial statements. 2. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: 1. The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The College participates in the Federal Direct Student Loan Program, which provides federal loans directly to the students rather than through private lending institutions. The College is responsible only for the origination of the loan (e.g., determining student eligibility and disbursing loan proceeds to the borrower). The Direct Loan Servicer is then responsible for the overall servicing and collection of the loan. Accordingly, these loans are not included in the College’s financial statements. The amount reported on the Schedule of Expenditures of Federal Awards for the loan program represents the total value of the loans awarded and paid to the College’s student during the year ended June 30, 2024.