Title: Basis of Accounting
Accounting Policies: This Schedule of Expenditures of Federal Awards (the schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of George C. Wallace Community College’s (the College) federal grants.
De Minimis Rate Used: N
Rate Explanation: The College uses the negotiated indirect cost rate of 8%.
This Schedule of Expenditures of Federal Awards (the schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of George C. Wallace Community College’s (the College) federal grants.
Title: De Minimis
Accounting Policies: This Schedule of Expenditures of Federal Awards (the schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of George C. Wallace Community College’s (the College) federal grants.
De Minimis Rate Used: N
Rate Explanation: The College uses the negotiated indirect cost rate of 8%.
The College has elected to not use the 10% de minimis indirect cost rate.
Title: Basis of Presentation
Accounting Policies: This Schedule of Expenditures of Federal Awards (the schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of George C. Wallace Community College’s (the College) federal grants.
De Minimis Rate Used: N
Rate Explanation: The College uses the negotiated indirect cost rate of 8%.
The accompanying schedule of expenditures of federal awards (the “Schedule”) summarizes the federal expenditures of the College under programs of the federal government for the year ended September 30, 2024. The information in the 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 financial position, changes in net position or cash flows of the College. For purposes of the schedule, federal awards include all grants, contracts, and similar agreements entered into directly with the federal government and other pass through entities. Payments received for goods or services provided as a vendor do not constitute federal awards for purposes of the schedule. The College has obtained Assistance Listing Numbers (ALN) to ensure that all programs have been identified in the Schedule. ALN have been appropriately listed by applicable programs. Federal programs with different ALNs that are closely related because they share common compliance requirements are defined as a cluster by the Uniform Guidance. Three clusters were identified in the schedule as follows: Student Financial Aid Cluster ‐ This cluster includes awards that assist agencies in providing financial assistance to eligible students attending eligible institutions of postsecondary education. TRIO Cluster – This cluster includes awards that assist agencies in providing outreach and student services programs designed to identify and provide services for individuals from disadvantaged backgrounds (low‐income individuals, first‐generation college students, and individuals with disabilities). Workforce Innovation and Opportunity Act (WIOA) Cluster ‐ This cluster includes awards designed to help job seekers access employment, education, training, and support services to succeed in the labor market and to match employers with the skilled workers they need to compete in the global economy.
Title: Relationship of the Schedule to Program Financial Reports
Accounting Policies: This Schedule of Expenditures of Federal Awards (the schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of George C. Wallace Community College’s (the College) federal grants.
De Minimis Rate Used: N
Rate Explanation: The College uses the negotiated indirect cost rate of 8%.
The amounts reflected in the financial reports submitted to the awarding federal and/or pass‐through agency and the schedule may differ. Some of the factors that may account for any difference include the following: The College’s fiscal year end may differ from the program’s year end. Accruals recognized in the schedule, because of year end procedures, may not be reported in the program financial reports until the next program reporting period. Fixed asset purchases and the resultant depreciation charges are recognized as property and equipment, net in the College’s financial statements and as expenditures in the program financial reports.
Title: Federal Pass‐through Funds
Accounting Policies: This Schedule of Expenditures of Federal Awards (the schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of George C. Wallace Community College’s (the College) federal grants.
De Minimis Rate Used: N
Rate Explanation: The College uses the negotiated indirect cost rate of 8%.
The College is the sub‐recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass‐through funds. Federal awards other than those indicated as “pass‐through” are considered direct and will be designated accordingly.
Title: Contingencies
Accounting Policies: This Schedule of Expenditures of Federal Awards (the schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of George C. Wallace Community College’s (the College) federal grants.
De Minimis Rate Used: N
Rate Explanation: The College uses the negotiated indirect cost rate of 8%.
Grant monies received and disbursed by the College are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the College does not believe that such disallowance, if any, would have a material effect on the financial position of the College. As of September 30, 2024, there were no known material questioned or disallowed costs as a result of grant audits in process or completed.
Title: Noncash Assistance
Accounting Policies: This Schedule of Expenditures of Federal Awards (the schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of George C. Wallace Community College’s (the College) federal grants.
De Minimis Rate Used: N
Rate Explanation: The College uses the negotiated indirect cost rate of 8%.
The College did not receive any federal non cash assistance for the fiscal year ended September 30, 2024
Title: Subrecipients
Accounting Policies: This Schedule of Expenditures of Federal Awards (the schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of George C. Wallace Community College’s (the College) federal grants.
De Minimis Rate Used: N
Rate Explanation: The College uses the negotiated indirect cost rate of 8%.
The College did not provide federal funds to subrecipients for the fiscal year ended September 30, 2024.
Title: Loans and Loan Guarantees
Accounting Policies: This Schedule of Expenditures of Federal Awards (the schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of George C. Wallace Community College’s (the College) federal grants.
De Minimis Rate Used: N
Rate Explanation: The College uses the negotiated indirect cost rate of 8%.
The College did not have any loans or loan guarantee programs required to be reported on the schedule.
Title: Federally Funded Insurance
Accounting Policies: This Schedule of Expenditures of Federal Awards (the schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of George C. Wallace Community College’s (the College) federal grants.
De Minimis Rate Used: N
Rate Explanation: The College uses the negotiated indirect cost rate of 8%.
The College did not have any federally funded insurance required to be reported on the schedule for the fiscal year ended September 30, 2024.