Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the College and is presented using the accrual basis of accounting. The information in this schedule 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Expenditures for federal programs are recognized as incurred by the College. Student financial aid programs include the federal share of students’ FSEOG program grants and FWS program earnings, certain other federal financial aid for students and administrative cost allowances, where applicable. Federal Pell Grant and Teacher Education Assistance for College and Higher Education Grant awards are recognized as agency transactions and are not recorded as expenditures in the financial statements. The College elected not to use the 10% de minimis indirect cost rate
The College is responsible for the performance of only certain administrative duties with respect to its Federal Direct Loan program and, accordingly, these loans are not included in its financial statements. It is not practical to determine the balance of loans outstanding to students and former students of the College under these programs as of May 31, 2025.