Notes to SEFA
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Zane State College (the College) under programs of the federal government for the year ended June 30, 2022. The information on this Schedule is prepared in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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, changes in net position, or cash flows of the College.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.NOTE C INDIRECT COST RATEThe College has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.NOTE D FEDERAL DIRECT LOANS PROGRAMThe College participates in the Federal Direct Student Loan Program. The dollar amount listed in the Schedule represents new loans advanced during the fiscal year ended June 30, 2022. The College is a direct lender for these loan funds; however, they are not responsible for collecting these loans in future periods.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.