Notes to SEFA
Title: Note 1 - Basis of presentation
Accounting Policies: 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 this schedule may
differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Graham
County Community College District 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 (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: 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 this schedule may
differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414
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 this schedule may
differ from amounts presented in, or used in the preparation of, the financial statements.
Title: Note 3 - Federal Assistance Listing Numbers
Accounting Policies: 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 this schedule may
differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414
The program titles and Federal Assistance Listings numbers were obtained from the federal or pass-through
grantor or the 2024 Federal Assistance Listings.
Title: Note 4 - Indirect cost rate
Accounting Policies: 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 this schedule may
differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414
The District did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414.