Notes to SEFA
Title: FEDERAL WORK-STUDY AND FEDERAL SEOG WAIVER
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Marion Technical College (the “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 the College, it is not intended to and does not present the financial position, changes in net position, or cash flows of the College.
The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the College’s financial statements. Expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. In addition, the College did not pass-through any federal awards to subrecipients during the year ended June 30, 2024.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
For the year ended June 30, 2024, the College received a waiver from the Department of Education for the Institutional Share Requirement under the Federal Work-Study and Federal Supplemental Educational Opportunity Grants programs.
Title: LOAN PROGRAMS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Marion Technical College (the “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 the College, it is not intended to and does not present the financial position, changes in net position, or cash flows of the College.
The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the College’s financial statements. Expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. In addition, the College did not pass-through any federal awards to subrecipients during the year ended June 30, 2024.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
The College originates but does not provide funding under the Federal Direct Loan Program. The amount presented represents the value of new Direct Loans awarded by the Department of Education during the year.