Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying schedule has been prepared using the accrual basis of accounting as fully described in Note 1 to the College’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (schedule) presents the activity of all federal award programs of Luzerne County Community College (College) for the fiscal year ended June 30, 2024.
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedule has been prepared using the accrual basis of accounting as fully described in Note 1 to the College’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 the College, it is not intended to and does not present the financial position or changes in net positon of the College.
Title: Student Financial Assistance Loan Programs
Accounting Policies: The accompanying schedule has been prepared using the accrual basis of accounting as fully described in Note 1 to the College’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The College is only responsible for the performance of certain administrative duties and is not considered the lender with respect to the student loan programs, accordingly, these loans are not included in the financial statements. The schedule of expenditures of federal awards reports the total loans granted under the Federal Direct Student Loan Program, which were not made by the College but were received by its students, totaling $5,625,346 for the year ended June 30, 2024.