Notes to SEFA
The accompanying schedule of expenditures of federal awards has been prepared on 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 (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 of the College.
For the year ended June 30,2025, costs requested for reimbursement have been limited to direct reimbursement of costs. Catalog of Federal Domestic Assistance (CFDA) numbers are presented for those programs for which such numbers were available.
In accordance with Uniform Guidance, major programs for the College are individual programs or a cluster of programs determined using a risk-based analysis. The threshold for distinguishing Type A and Type B programs was $750,000. Student Financial Aid is designated as a cluster of programs and American Rescue Plan Act were determined to be a major programs.
Federally guaranteed loans issued to students of the College by financial institutions under the Federal Direct Loan (FDL) programs were $1,587,099 during the year ended June 30, 2025. The amount presented represents the value of new loans awarded during the year. Federal direct programs are presented by the applicable federal agency. Federal pass-through programs are presented by the entity through which the College received the federal grant.
Grantor and regulatory agencies reserve the right to conduct additional audits of the College's grant programs. Such audits may result in disallowed costs to the College. However, management does not believe such audits would result in any disallowed costs that would be material to the College's financial position at June 30, 2025.