Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule)includes the federal award activity of Quinsigamond Community College (theCollege) under programs of the Federal Government for the year ended June 30,2022. The information on this Schedule is prepared in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portionof the operations of the College, it is not intended to, and does not, present the financialposition, changes in net position or cash flows of the College. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.