Notes to SEFA
Title: Federal Loan Funds
Accounting Policies: The schedule of expenditures of federal awards includes the federal award activity of Manhattan Area Technical College (the College) under programs of the federal government for the year ended June 30, 2023. 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 College, it is not intended to and does not present the statements of net position, changes in net position or cash flows of the College.Expenditures reported on the schedule are reported on the accrual basis of accounting modified to exclude depreciation expense and to include capital outlay disbursements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, or other applicable regulatory guidance, wherein certain types of expenditures are not allowable or are 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.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate provisioned by the Uniform Guidance Section 414, for reporting costs charged to federal award programs.
The College has certain federal student loan funds not subject to ongoing compliance requirements, such as the Federal Direct Student Loans. Since the College does not administer the program, the outstanding loan balances have not been included in the schedule. New loans made during the year under this program are included.
Title: Subrecipients
Accounting Policies: The schedule of expenditures of federal awards includes the federal award activity of Manhattan Area Technical College (the College) under programs of the federal government for the year ended June 30, 2023. 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 College, it is not intended to and does not present the statements of net position, changes in net position or cash flows of the College.Expenditures reported on the schedule are reported on the accrual basis of accounting modified to exclude depreciation expense and to include capital outlay disbursements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, or other applicable regulatory guidance, wherein certain types of expenditures are not allowable or are 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.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate provisioned by the Uniform Guidance Section 414, for reporting costs charged to federal award programs.
The College did not provide any federally sourced funding or assistance to subrecipient organizations.