Notes to SEFA
Accounting Policies: The expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports tofunding agencies are prepared on the award period basis. The expenditures reported above represent fundsthat have been expended by the College for the purposes of the award. The expenditures reported above maynot have been reimbursed by the funding agencies as of the end of the fiscal year. Some amounts reported inthe schedule may differ from amounts used in the preparation of the general purpose financial statements.Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictionsimposed by the funding agencies. The College has followed all applicable guidelines issued by various entitiesin the preparation of the schedule. Since the College has agency approved Indirect Recovery Rate, it has elected notto use the 10% deminimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.