Notes to SEFA
Title: Matching Costs
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the College's general ledger
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Matching costs, i.e., the College's share of certain program costs, are not included in the Schedule.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the College's general ledger
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Broome Community College (College) under programs of the federal government for the year ended August 31, 2022. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 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 or the respective changes in the financial position of the business-type activities and the discretely presented component units of the College.
Title: Pass-Through Programs
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the College's general ledger
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
When the College receives funds from a government entity other than the federal government (pass-through), the funds are accumulated based upon the Assistance Listing number advised by the pass-through grantor. Identifying numbers, other than Assistance Listing numbers, which may be assigned by pass-through grantors are not maintained in the College's financial management system. The College has identified certain pass-through identifying numbers and included them in the Schedule, as available.
Title: Student Loans
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the College's general ledger
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The College also participates in the Guaranteed Student Loan (Assistance Listing #84.268) program which offers low-interest loans to students and parents. The college is partly responsible for administering the loan program. During the fiscal year 2021-2022, total loans under this program amounted to 10,001,383 including supplemental loans to students.