Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Stone Child College has a negotiated indirect cost rate and therefore has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Stone Child College under programs of the federal governments for the year ended June 30, 2024. The information in this Schedule is presented in accordance with requirements of the 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 Schedule presents only a selected portion of the operations of Stone Child College, it is not intended to and does not present the financial position or changes in net position of Stone Child College.
Title: Outstanding Federal Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Stone Child College has a negotiated indirect cost rate and therefore has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The College has no federal loan obligations as of June 30, 2024.
Title: Reconciliation of Expenditures
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Stone Child College has a negotiated indirect cost rate and therefore has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The following is a reconciliation of expenditures reported on the College's schedule of expenditures of federal awards to total expenditures reported in the College's statement of revenues, expenditures, and changes in fund balance. Expenditures on schedule of expenditures of federal awards $14,377,874. TCCC Endowment amount ($708,837). Higher Ed Endowment amount ($1,264,000). Expenditures funded by state and other funding sources $2,069,108. Expenditures per financial statements $14,474,145.
Title: Endowment Funds
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Stone Child College has a negotiated indirect cost rate and therefore has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The nonexpendable portion of the restricted net position in the Endowment Fund is broken down as follows: (Chart included - see page 32 of report). For major program determination purposes, the cumulative balance of federal awards for endowment funds, which are federally restricted, are considered awards expended in each year in which the funds are still restricted. Thus, $1,972,837 is considered federal awards expended for fiscal year 2024, which includes the cumulative federal awards. The non-federal portion of $110,436 (AIHEC funds) and the cumulative matching amounts of $1,620,955 are not considered expended. The Title III endowment for 2024 was received before June 30, 2024 so it is shown as current contributions above.