Notes to SEFA
Title: Federal Revenue Reconciliation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and “frequently asked questions” (“FAQs”) and other guidance issued by the U.S. Department of Education, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal revenues for 2024 are reported in the basic financial statements as follows:
Federal grants and contracts per Exhibit 2 $ 21,362,788
Add: Federal Direct Student Loans made 6,714,793
Less: Amounts not subject to single audit (250,786)
Total per Schedule of Expenditures
of Federal Awards $ 27,826,795
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and “frequently asked questions” (“FAQs”) and other guidance issued by the U.S. Department of Education, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of McLennan County Junior College District (the District) 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). Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position or cash flows of the District.