Notes to SEFA
Title: 1. Federal Assistance Reconciliation
Accounting Policies: 2. Significant Accounting Policies Used in Preparing the Schedules
The schedules of expenditures of Federal awards (the Schedule) present the activity of Federal programs of the College for the year ended August 31, 2024. The Schedule has been prepared on the accrual basis of accounting. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds which have been expended by the College for the purposes of the award and may not have been reimbursed by the funding agencies as of the end of the fiscal year. 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 Schedules. Since the College has an agency approved Indirect Recovery Rate, it has elected not to use the 10% de minimus rate as permitted in the Uniform Guidance, Section 200.414.
De Minimis Rate Used: N
Rate Explanation: See Note 1, last sentence.
See notes to SEFA for table/chart.
Title: 3. Amounts Passed Through by the College - Sub-recipients
Accounting Policies: 2. Significant Accounting Policies Used in Preparing the Schedules
The schedules of expenditures of Federal awards (the Schedule) present the activity of Federal programs of the College for the year ended August 31, 2024. The Schedule has been prepared on the accrual basis of accounting. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds which have been expended by the College for the purposes of the award and may not have been reimbursed by the funding agencies as of the end of the fiscal year. 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 Schedules. Since the College has an agency approved Indirect Recovery Rate, it has elected not to use the 10% de minimus rate as permitted in the Uniform Guidance, Section 200.414.
De Minimis Rate Used: N
Rate Explanation: See Note 1, last sentence.
*The following amounts were passed through to the listed sub-recipients by the College. These amounts are included in Note 1 above. See notes to SEFA for table/chart.