Notes to SEFA
Title: Loans
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The College did not use the 10% de minimis indirect cost rate as allowed by
the Uniform Guidance.
Perkins loans outstanding at June 30, 2024 totaled $213,978.
Title: Reconciling Item
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The College did not use the 10% de minimis indirect cost rate as allowed by
the Uniform Guidance.
The Schedule includes negative expenditures. These amounts represent funds returned to programs outside of the current program year.