Notes to SEFA
Title: REPORTING ENTITY
Accounting Policies: The Technical Schools uses the modified accrual method of recording transactions. Revenues are recorded when measurable and available. Expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The Technical Schools did not use the federal de minimis indirect cost rate of 10 percent on their federal grants for the year ended June 30, 2024.
The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of the Technical Schools’ federal awards received directly from federal agencies as well as those federal awards passed through other government agencies.
Title: BASIS OF ACCOUNTING
Accounting Policies: The Technical Schools uses the modified accrual method of recording transactions. Revenues are recorded when measurable and available. Expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The Technical Schools did not use the federal de minimis indirect cost rate of 10 percent on their federal grants for the year ended June 30, 2024.
The Technical Schools uses the modified accrual method of recording transactions. Revenues are recorded when measurable and available. Expenditures are recorded when incurred.
Title: LOAN PROGRAM
Accounting Policies: The Technical Schools uses the modified accrual method of recording transactions. Revenues are recorded when measurable and available. Expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The Technical Schools did not use the federal de minimis indirect cost rate of 10 percent on their federal grants for the year ended June 30, 2024.
The Technical Schools is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program. Accordingly, neither the funds advanced to students nor the value of these outstanding loans are not reflected in the Technical Schools’ financial statements.
Title: INDIRECT COST RATE
Accounting Policies: The Technical Schools uses the modified accrual method of recording transactions. Revenues are recorded when measurable and available. Expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The Technical Schools did not use the federal de minimis indirect cost rate of 10 percent on their federal grants for the year ended June 30, 2024.
The Technical Schools did not use the federal de minimis indirect cost rate of 10 percent on their federal grants for the year ended June 30, 2024.