Notes to SEFA
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of North Central State College (the College) under programs of the federal government for the
year ended June 30, 2024. The information on this Schedule is prepared 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 College, it is not intended to and does not present
the financial position, changes in net position, or cash flows of the College.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTNG POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain
types of expenditures may or may not be allowable or may be limited as to reimbursement. Negative
amounts shown on the Schedule represent adjustments or credits made in the normal course of business
to amounts reported as expenditures in prior years.
NOTE C – INDIRECT COST RATE
The College has elected not to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
NOTE D – FEDERAL DIRECT STUDENT LOANS
The College participates in the Federal Direct Student Loan Program. The dollar amounts in the schedule
of federal awards expenditures represents new loans advanced during the current fiscal year. The College
is a direct lender of these loans funds; however the College is not responsible for collecting these loans in
future periods.
ALN Number Program Name Amount
84.268 Federal Subsidized Loans $ 858,892
84.268 Federal Unsubsidized Loans $1,408,448
Total Federal Direct Student Loans $2,267,340
De Minimis Rate Used: N
Rate Explanation: N/A