Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATON
Accounting Policies: A. 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, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
B. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Hagerstown Community College (the College) for the year ended June 30, 2024. The information in this schedule is presented in accordance with requirements of 2 CFR 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, change in net position or cash flows of the College.
Title: NOTE 3 DIRECT LOAN PROGRAMS
Accounting Policies: A. 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, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
B. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2024, the College processed the following amount of new loans under the Federal Direct Lending Program. Since this program is administered by outside financial institutions, new loans made during the fiscal year relating to this program are considered current year expenditures in the schedule.
Federal ALN Program Name Loan Expenditures
84.268 Federal Direct Lending $4,517,866
Title: NOTE 4 MATCHING
Accounting Policies: A. 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, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
B. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Colleges participating in the Work-Study Program and Supplemental Education Opportunity Grant Program normally are required to provide an institutional share under the program. However, the College qualified for and was granted a waiver of the institutional share requirements under 34 CFR 675.26D of the Work-Study regulations and under Title III or Title V of the Higher Education Act of 1965, as amended.