Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Crowleys Ridge College (the College) under programs of the federal government for the year ended June 30, 2022 and is presented on the accrual basis of accounting. 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 and changes in net assets of the College. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the College, agencies, and departments of the federal government, and all subawards to the College by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The awards all fall under one major program category in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The category is as follows:Student Financial Assistance Includes certain awards to provide financial assistance to students, primarily under the Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work Study (FWS), and Federal Pell Grant (Pell) programs of the Department of Education. Also, federally guaranteed loans are made to students of the College by various financial institutions through the Federal Direct Loan Program (FDLP).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.