Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the
College’s general ledger.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal
award activity of Broome Community College (College) under programs of the federal
government for the year ended August 31, 2024. The information 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.
Because the Schedule presents only a selected portion of the operations of the College, it is not
intended to and does not present the financial position or the respective changes in the financial
position of the business-type activities and the discretely presented component units of the
College.
Title: PASS-THROUGH PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the
College’s general ledger.
De Minimis Rate Used: N
Rate Explanation: N/A
When the College receives funds from a government entity other than the federal government
(pass-through), the funds are accumulated based upon the Assistance Listing number advised
by the pass-through grantor.
Identifying numbers, other than Assistance Listing numbers, which may be assigned bypassthrough
grantors are not maintained in the College’s financial management system. The College
has identified certain pass-through identifying numbers and included them in the Schedule, as
available.
Title: INDIRECT COSTS
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the
College’s general ledger.
De Minimis Rate Used: N
Rate Explanation: N/A
The College has elected not to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: MATCHING COSTS
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the
College’s general ledger.
De Minimis Rate Used: N
Rate Explanation: N/A
Matching costs, i.e., the College’s share of certain program costs, are not included in the
Schedule.
Title: STUDENT LOANS
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the
College’s general ledger.
De Minimis Rate Used: N
Rate Explanation: N/A
The College participates in the Federal Direct Student Loan Program (Assistance Listing
#84.268) which offers low-interest loans to students and parents. During the fiscal year ended
August 31, 2024, the College processed $11,110,281 of new loans under the Federal Direct
Student Loan Program. With respect to the Federal Direct Student Loan Program, the College is
only responsible for the performance of certain administrative duties; therefore, the College’s
financial statements do not include any amounts relative to these loans. The cumulative amount
of total loans guaranteed and outstanding at August 31, 2024 is undeterminable.