Notes to SEFA
Title: NOTE A - 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 Chapter 10.650, Rules of the Auditor General of the State of Florida.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected to use no administrative cost allowance to allow for more financial aid for the students.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal and state award activity of Florida College, Inc. under programs of the federal (and Florida) governments for year ended May 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) and chapter 10.650, Rules of the Auditor General of the state of Florida. Because the Schedule presents only a selected portion of the operations of Florida College, Inc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Florida College, Inc.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.
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 Chapter 10.650, Rules of the Auditor General of the State of Florida.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected to use no administrative cost allowance to allow for more financial aid for the students.
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 chapter 10.650, Rules of the Auditor General of the state of Florida.
Title: NOTE C - INDIRECT COST RATE.
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 Chapter 10.650, Rules of the Auditor General of the State of Florida.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected to use no administrative cost allowance to allow for more financial aid for the students.
Florida College, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.