Notes to SEFA
Title: 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 Uniform Guidance, section 200.414.
De Minimis Rate Used: N
Rate Explanation: 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 Uniform Guidance, section 200.414.
Federal Grants and Contract Revenue -
Per Schedule of Operating Revenues (Schedule A) $1,731,430
Per Schedule of Operating Revenues (Schedule C) $6,406,200
Total Federal Revenues per Statement of Revenues, Expenses and Changes in Net Position $8,137,630
Reconciling item:
Add: Direct Student Loans $2,032,297
Less: Stabilization funds excluded from Single Audit requirements (23,730)
Less: ECMC FAFSA Student Support programs funds excluded from federal programs (27,294)
Total Federal Revenues per Schedule of Expenditures of Federal Awards $10,118,903
Title: Significant Accounting Policies
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 Uniform Guidance, section 200.414.
De Minimis Rate Used: N
Rate Explanation: 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 Uniform Guidance, section 200.414.
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
Uniform Guidance, section 200.414.
Title: 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 Uniform Guidance, section 200.414.
De Minimis Rate Used: N
Rate Explanation: 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 Uniform Guidance, section 200.414.
The College expended funds from the Corporation for Public Broadcasting (CPB) in the amount of
$23,730. These were CARES Act funds provided by Congress to help public television and radio stations
maintain local programming and services threatened by declines in non-federal revenue sources during
the economic decline triggered by COVID-19. CPB distributed these stabilization funds to eligible
Community Service Grant (CSG) recipients in April 2020. These funds were not subject to federal single
audit requirements.
Title: FAFSA Student Support Program Funds
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 Uniform Guidance, section 200.414.
De Minimis Rate Used: N
Rate Explanation: 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 Uniform Guidance, section 200.414.
The College expended funds received from the Education Credit Management Corporation (ECMC) in
the amount of $27,294. These funds were awarded to provide additional personnel, funding, resources,
and technology to help colleges prepare to process student financial aid records as quickly and accurately
as possible and complete the updated FAFSA form. These federal funds are administered by the ECMC
under the direction of the Department of Education and are excluded as a federal program and not subject
to Single Audit requirements.