Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activity of Rosedale Technical College (the College) under programs of the federal government
for the year ended June 30, 2024. 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 the Schedule
presents only a selected portion of the operation of the College, it is not intended to and does not present
the financial position, changes in net assets or cash flows of the College.
Title: Federal Noncash Assistance
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
There was no federal insurance in effect for the year. There were also no federal loan or federal loan
guarantees outstanding at the end of the year. There were no amounts of noncash assistance received.
Title: Student Financial Assistance and Loan Program
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
The total loans granted under the Federal Direct Student Loan Program, which were not made by
the College but were received by its students, were approximately $2,955,000 for the year ended
June 30, 2024.