Notes to SEFA
Other Operating Revenue - Federal Grants and Contracts revenue - per Schedule A $3,695,990 Add: Non-Operating Revenues - Federal Revenue, non-operating - per Schedule C $21,647,334 Total Federal Revenues per Schedule A and C $25,343,324 Reconciling Item: Add: Direct Student Loans $2,613,348 Total Federal Expenditures per Schedule of Expenditures and Federal Awards $27,956,672
The expenditures included in the schedule are reported for the College’s fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended by the College for the purposes of the award. The expenditures reported above may not have been reimbursed by the funding agencies as of the end of the fiscal year. Some amounts reported in the schedule may differ from amounts used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in preparation of the schedule. Since the College has an agency-approved indirect recovery rate, it has elected not to use the 15% de minimum cost rate as permitted in the UG, section 200.414.
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