Notes to SEFA
Accounting Policies: 1. FEDERAL ASSISTANCE RECONCILIATION Federal revenues: Federal grants and contracts - per Schedule A $936,983 Federal revenue, nonoperating - per Schedule C 10,602,173 Total Federal Revenues $11,539,156/ 2. SIGNIFICANT ACCOUNTING POLICIES USED IN PREPARING THE SCHEDULES The schedules of expenditures of Federal and State awards (the Schedules) present the activity of Federal and State financial assistance programs of the College for the year ended August 31, 2022. Federal financial assistance received directly from Federal agencies is included in these Schedules. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported previously represent funds which have been expended by the College for the purposes of the award during fiscal year 2022. The expenditures reported previously may not have been reimbursed by the funding agencies as of the end of fiscal year 2022. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the Schedules. The College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. 3. RELATIONSHIP TO FEDERAL AND STATE REPORTS Differences between amounts reflected in the financial reports filed with grantor agencies for the programs and in the Schedules are due to different program year ends and accruals that will be reflected in the next report filed with the grantor agencies.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.