Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation. The accompanying Schedule of Expenditures of Federal Awards
(Schedule) includes all federal assistance to the College that had activity during 2023
or accrued revenue at June 30, 2023. This schedule has been prepared on the accrual
basis of accounting. Such expenditures are recognized following, as applicable, the
cost principles in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance), wherein certain types of expenditures are not allowable
or are limited as to reimbursement. Revenues are recorded for financial reporting
purposes when the College has met the qualifications for the respective program.
De Minimis Rate Used: N
Rate Explanation: Grant proposals did not include indirect costs.
Basis of Presentation. The accompanying Schedule of Expenditures of Federal Awards
(Schedule) includes all federal assistance to the College that had activity during 2023
or accrued revenue at June 30, 2023. This schedule has been prepared on the accrual
basis of accounting. Such expenditures are recognized following, as applicable, the
cost principles in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance), wherein certain types of expenditures are not allowable
or are limited as to reimbursement. Revenues are recorded for financial reporting
purposes when the College has met the qualifications for the respective program.
Title: Indirect Cost Rate
Accounting Policies: Basis of Presentation. The accompanying Schedule of Expenditures of Federal Awards
(Schedule) includes all federal assistance to the College that had activity during 2023
or accrued revenue at June 30, 2023. This schedule has been prepared on the accrual
basis of accounting. Such expenditures are recognized following, as applicable, the
cost principles in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance), wherein certain types of expenditures are not allowable
or are limited as to reimbursement. Revenues are recorded for financial reporting
purposes when the College has met the qualifications for the respective program.
De Minimis Rate Used: N
Rate Explanation: Grant proposals did not include indirect costs.
The College has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: Contingencies
Accounting Policies: Basis of Presentation. The accompanying Schedule of Expenditures of Federal Awards
(Schedule) includes all federal assistance to the College that had activity during 2023
or accrued revenue at June 30, 2023. This schedule has been prepared on the accrual
basis of accounting. Such expenditures are recognized following, as applicable, the
cost principles in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance), wherein certain types of expenditures are not allowable
or are limited as to reimbursement. Revenues are recorded for financial reporting
purposes when the College has met the qualifications for the respective program.
De Minimis Rate Used: N
Rate Explanation: Grant proposals did not include indirect costs.
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amounts, if any, of expenditures, which may be disallowed by the grantor, cannot be determined at this time, although the College expects such amounts, if any, to be immaterial.
Title: Federal Loan Program
Accounting Policies: Basis of Presentation. The accompanying Schedule of Expenditures of Federal Awards
(Schedule) includes all federal assistance to the College that had activity during 2023
or accrued revenue at June 30, 2023. This schedule has been prepared on the accrual
basis of accounting. Such expenditures are recognized following, as applicable, the
cost principles in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance), wherein certain types of expenditures are not allowable
or are limited as to reimbursement. Revenues are recorded for financial reporting
purposes when the College has met the qualifications for the respective program.
De Minimis Rate Used: N
Rate Explanation: Grant proposals did not include indirect costs.
be immaterial.
The College administers the Federal Direct Loan Program (ALN 84.268). During the fiscal year ended June 30, 2023, the College processed $115,974 of new loans under the Federal Direct Loan Program. The amounts processed under the direct loan program are included on the Schedule of Expenditures of Federal Awards.
Title: Other Disclosures
Accounting Policies: Basis of Presentation. The accompanying Schedule of Expenditures of Federal Awards
(Schedule) includes all federal assistance to the College that had activity during 2023
or accrued revenue at June 30, 2023. This schedule has been prepared on the accrual
basis of accounting. Such expenditures are recognized following, as applicable, the
cost principles in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance), wherein certain types of expenditures are not allowable
or are limited as to reimbursement. Revenues are recorded for financial reporting
purposes when the College has met the qualifications for the respective program.
De Minimis Rate Used: N
Rate Explanation: Grant proposals did not include indirect costs.
he College did not receive any non-cash assistance; there was no insurance in effect during the year and no federal loan guarantees outstanding at year-end.