Notes to SEFA
Title: Summary
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal award activity of Tohono O’odham Community College (the Organization) under programs of the federal government for the year ended June 30, 2024. The information in the SEFA 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 SEFA presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the SEFA 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.
Title: Endowment
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal award activity of Tohono O’odham Community College (the Organization) under programs of the federal government for the year ended June 30, 2024. The information in the SEFA 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 SEFA presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has $103,953 of restricted endowment funds as of June 30, 2024. 2 CFR Part 200.502(e) states the cumulative balance of federal awards for endowment funds that are federally restricted are considered federal awards expended in each audit period in which the funds are still restricted. Given this, $103,953 is considered expended and is shown on the SEFA under assistance listing number 15.028, Tribally Controlled Community Colleges Endowments.