Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Colorado Mountain College (the College). The Schedule includes federally funded projects received directly from federal agencies and the federal amounts of pass-through awards received by the College through the state of Colorado or other nonfederal entities. The College’s reporting entity is defined in Note 1 in the College’s basic financial statements for the year ended June 30, 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). Because this 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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements or reports to federal agencies and pass-through grantors. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
Title: PASS-THROUGH GRANTOR’S NUMBER
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Colorado Mountain College (the College). The Schedule includes federally funded projects received directly from federal agencies and the federal amounts of pass-through awards received by the College through the state of Colorado or other nonfederal entities. The College’s reporting entity is defined in Note 1 in the College’s basic financial statements for the year ended June 30, 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). Because this 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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
For federal awards expended by the College as a subrecipient, the Schedule includes identification of the pass-through grantor, and the identifying number assigned to the grant by the pass-through grantor where the pass-through grantor has supplied such number to the College.