Notes to SEFA
Title: Basis of Presentation
Accounting Policies: directlyThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Revenue is recognized when earned and expenditures are recognized when incurred. Revenues are reported only to the extent of expenditures for the current year.Federal receivables represent amounts expended in excess of that received.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule E) includes the federal award activity of Lone Star College System (the "System") under programs of the federal government for the year ended August 31, 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"). This Schedule includes awards received directly as well as federal awards passed through other government agencies.
Title: Federal Assistance Resonciliation
Accounting Policies: directlyThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Revenue is recognized when earned and expenditures are recognized when incurred. Revenues are reported only to the extent of expenditures for the current year.Federal receivables represent amounts expended in excess of that received.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance.
Federal Grants and Contracts Revenue - per Schedule of Operating Revenues (Schedule A) 22,448,302
Federal Revenue, Non-Operating - per Schedule of Non-Operating Revenues and Expenses (Schedule C)
86,350,451
Federal Direct Student Loan Program 38,998,678
Total Federal Revenues per Schedule of Expenditures of Federal Awards (Schedule E) 147,797,431
Title: Expenditures Not Subject to Federal Single Audit
Accounting Policies: directlyThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Revenue is recognized when earned and expenditures are recognized when incurred. Revenues are reported only to the extent of expenditures for the current year.Federal receivables represent amounts expended in excess of that received.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance.
None
Title: Sub-Recipients
Accounting Policies: directlyThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Revenue is recognized when earned and expenditures are recognized when incurred. Revenues are reported only to the extent of expenditures for the current year.Federal receivables represent amounts expended in excess of that received.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance.
None
Title: Adult Education and Literacy FY24
Accounting Policies: directlyThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Revenue is recognized when earned and expenditures are recognized when incurred. Revenues are reported only to the extent of expenditures for the current year.Federal receivables represent amounts expended in excess of that received.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance.
U.S Department of Education Assistance Listing Number 84.002 represents the Federal and El Civics funding streams. Included in the Federal funding stream are amounts to be allocated by the pass-through grantor Texas WorkforceCommission to the TANF and State funding streams. However, at the time of producing Schedules E and F, the Texas Workforce Commission had not advised of these allocations for FY24. Thus the expenditures reported on this Schedule E are shown in aggregate as U.S. Department of Education Assistance Listing Number 84.002.
Title: Disaster Grants - Public Assistance
Accounting Policies: directlyThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Revenue is recognized when earned and expenditures are recognized when incurred. Revenues are reported only to the extent of expenditures for the current year.Federal receivables represent amounts expended in excess of that received.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes $4,362,821 of grant expenditures approved by FEMA that were incurred in a prior fiscal year.