Notes to SEFA
Title: NOTE 1 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 limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Jones County Junior College did not elect to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards is prepared on the modified
accrual basis of accounting. The information in this schedule is presented in accordance as
required by 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 the
College, it is not intended to and does not present the financial position, changes in net position,
or cash flows of the College
Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Jones County Junior College did not elect to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
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 limited as to
reimbursement
Title: NOTE 3 INDIRECT COST RATE
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 limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Jones County Junior College did not elect to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The Jones County Junior College did not elect to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: NOTE 4 OTHER ITEMS
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 limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Jones County Junior College did not elect to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
For purposes of this schedule, loans made to students under the Federal Direct Student Loans
(ALN # 84.268) are presented as federal expenditures. Neither the funds advanced to students
nor the outstanding loan balance is included in the financial statements since the loans are made
and subsequently collected by private lending institutions and/or the federal government.
Student Loans $ 1,889,811
Federal Grants and Contracts $ 1,889,811