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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as prior year expenditures. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has a federally negotiated indirect cost rate of 16.60%.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of the College under programs of the federal government for the year ended September 30, 2024. The 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 operations of the College, is it not intended to, and does not, present the financial position, changes in net position, or cash flows of the College.
Title: Endowment
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as prior year expenditures. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has a federally negotiated indirect cost rate of 16.60%.
The College has $1,631,461 of federally restricted endowment moneys as of September 30, 2024. Uniform Guidance Section 200.502 state the cumulative balance of Federal awards for endowment funds that are federally restricted are considered Federal awards expended in each audit period in which the funds are still restricted.
Title: Subrecipients
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as prior year expenditures. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has a federally negotiated indirect cost rate of 16.60%.
The College does not have an subrecipients.