Notes to SEFA
Title: Note 1: Federal Assistance Reconciliation
Accounting Policies: The expenditures included in the schedule of expenditures of federal awards (the "schedule") are reported for the
District's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The
expenditures reported above represent funds that have been expended by the District and the University of Texas -
RGV for the purpose of the award. The expenditures reported above may not have been reimbursed by the
funding agencies as of the end of the fiscal year. Some amounts reported in the schedule may differ from amounts
used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards
to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed
all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the 10% de minimis indirect cost rate.
Federal revenue received by Texas Southmost College District:
Federal grants and contracts revenue per Schedule A $ 4,723,834
Federal grants and contracts revenue per Schedule C 17,007,920
Total Federal Revenues $ 21,731,754
Title: Note 2: Significant Accounting Policies Used in Preparing the Schedule
Accounting Policies: The expenditures included in the schedule of expenditures of federal awards (the "schedule") are reported for the
District's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The
expenditures reported above represent funds that have been expended by the District and the University of Texas -
RGV for the purpose of the award. The expenditures reported above may not have been reimbursed by the
funding agencies as of the end of the fiscal year. Some amounts reported in the schedule may differ from amounts
used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards
to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed
all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the 10% de minimis indirect cost rate.
The expenditures included in the schedule of expenditures of federal awards (the "schedule") are reported for the
District's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The
expenditures reported above represent funds that have been expended by the District and the University of Texas -
RGV for the purpose of the award. The expenditures reported above may not have been reimbursed by the
funding agencies as of the end of the fiscal year. Some amounts reported in the schedule may differ from amounts
used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards
to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed
all applicable guidelines issued by various entities in the preparation of the schedule.
Title: Note 3: Expenditures not Subject to Federal Single Audit
Accounting Policies: The expenditures included in the schedule of expenditures of federal awards (the "schedule") are reported for the
District's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The
expenditures reported above represent funds that have been expended by the District and the University of Texas -
RGV for the purpose of the award. The expenditures reported above may not have been reimbursed by the
funding agencies as of the end of the fiscal year. Some amounts reported in the schedule may differ from amounts
used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards
to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed
all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the 10% de minimis indirect cost rate.
All expenditures are subject to Federal Single Audit.
Title: Note 4: Student Loans Processed and Administrative Costs Recovered
Accounting Policies: The expenditures included in the schedule of expenditures of federal awards (the "schedule") are reported for the
District's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The
expenditures reported above represent funds that have been expended by the District and the University of Texas -
RGV for the purpose of the award. The expenditures reported above may not have been reimbursed by the
funding agencies as of the end of the fiscal year. Some amounts reported in the schedule may differ from amounts
used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards
to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed
all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the 10% de minimis indirect cost rate.
Department of Education
84.268 Federal Direct Student Loans
(includes PLUS, subsidized and unsubsidized)
New Loans Processed $ 2,658,281
Administrative Costs Recovered -
Total Loans Processed & Admin Costs Recovered $ 2,658,281
Title: Note 5: Non-monetary Federal Assistance Received
Accounting Policies: The expenditures included in the schedule of expenditures of federal awards (the "schedule") are reported for the
District's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The
expenditures reported above represent funds that have been expended by the District and the University of Texas -
RGV for the purpose of the award. The expenditures reported above may not have been reimbursed by the
funding agencies as of the end of the fiscal year. Some amounts reported in the schedule may differ from amounts
used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards
to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed
all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the 10% de minimis indirect cost rate.
The District did not receive any non-monetary federal assistance this fiscal year.
Title: Note 6: Indirect Costs
Accounting Policies: The expenditures included in the schedule of expenditures of federal awards (the "schedule") are reported for the
District's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The
expenditures reported above represent funds that have been expended by the District and the University of Texas -
RGV for the purpose of the award. The expenditures reported above may not have been reimbursed by the
funding agencies as of the end of the fiscal year. Some amounts reported in the schedule may differ from amounts
used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards
to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed
all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the 10% de minimis indirect cost rate.
The District did not elect to apply the 10% de minimis indirect cost rate.