Notes to SEFA
Title: NOTE 2 – FEDERAL ASSISTANCE RECONCILIATION
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of the federal award programs of Houston Community College System District (the "System") for the year ended August 31, 2024. The schedule has been prepared using accrual basis of accounting. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported in the schedule represent funds which have been expensed by the System for the purposes of the award and 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 the limitations and restrictions imposed by the funding agencies. The System has followed all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: Since the System utilizes an agency approved Indirect Recovery Rate, it has elected not to use the 10% de Minimis cost rate as permitted under the Uniform Guidance, Section 200.414.
See notes to SEFA for table/chart.
Title: NOTE 3 – EXPENDITURES NOT SUBJECT TO FEDERAL SINGLE AUDIT
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of the federal award programs of Houston Community College System District (the "System") for the year ended August 31, 2024. The schedule has been prepared using accrual basis of accounting. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported in the schedule represent funds which have been expensed by the System for the purposes of the award and 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 the limitations and restrictions imposed by the funding agencies. The System has followed all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: Since the System utilizes an agency approved Indirect Recovery Rate, it has elected not to use the 10% de Minimis cost rate as permitted under the Uniform Guidance, Section 200.414.
The following federal funds were not subject to federal single audit.
See notes to SEFA for table/chart.
These funds are not subject to a single audit as indicated in the Catalog of Federal Domestic Assistance distributed by the Office of Management and Budget.
Title: NOTE 4 – STUDENT LOANS PROCESSED AND ADMINISTRATIVE COSTS RECOVERED
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of the federal award programs of Houston Community College System District (the "System") for the year ended August 31, 2024. The schedule has been prepared using accrual basis of accounting. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported in the schedule represent funds which have been expensed by the System for the purposes of the award and 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 the limitations and restrictions imposed by the funding agencies. The System has followed all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: Since the System utilizes an agency approved Indirect Recovery Rate, it has elected not to use the 10% de Minimis cost rate as permitted under the Uniform Guidance, Section 200.414.
See notes to SEFA for table/chart.
Title: NOTE 5 - NONMONETARY FEDERAL ASSISTANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of the federal award programs of Houston Community College System District (the "System") for the year ended August 31, 2024. The schedule has been prepared using accrual basis of accounting. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported in the schedule represent funds which have been expensed by the System for the purposes of the award and 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 the limitations and restrictions imposed by the funding agencies. The System has followed all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: Since the System utilizes an agency approved Indirect Recovery Rate, it has elected not to use the 10% de Minimis cost rate as permitted under the Uniform Guidance, Section 200.414.
There were no federal noncash awards in fiscal year 2024.
Title: NOTE 6 - AMOUNTS PASSED THROUGH BY THE SYSTEM TO SUBRECIPIENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of the federal award programs of Houston Community College System District (the "System") for the year ended August 31, 2024. The schedule has been prepared using accrual basis of accounting. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported in the schedule represent funds which have been expensed by the System for the purposes of the award and 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 the limitations and restrictions imposed by the funding agencies. The System has followed all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: Since the System utilizes an agency approved Indirect Recovery Rate, it has elected not to use the 10% de Minimis cost rate as permitted under the Uniform Guidance, Section 200.414.
The following amounts were passed through to the listed sub-recipients by the System and are included in the Schedule of Expenditure of Federal Awards.
See notes to SEFA for table/chart.