Notes to SEFA
Federal Grants and Contract Revenue - Per Schedule of Operating Revenues (Schedule A) $ 1,634,941 Per Schedule of Non-Operating Revenues (Schedule C) 7,332,709 Total Federal Revenues per Statement of Revenues, Expenses and Changes in Net Position $ 8,967,650 Reconciling item: Add: Direct Student Loans $ 1,807,949 Less: ECMC FAFSA Student Support program funds excluded from federal programs (704) Total Federal Revenues per Schedule of Expenditures of Federal Awards $ 10,774,895
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 the preparation of the schedule. Since the College has agency approved Indirect Recovery Rate it has elected not to use the 10% de minimis cost rate as permitted in the Uniform Guidance, section 200.414.
The College expended funds received from the Education Credit Management Corporation (ECMC) in the amount of $704. These funds were awarded to provide additional personnel, funding, resources, and technology to help colleges prepare to process student financial aid records as quickly and accurately as possible and complete the updated FAFSA form. These federal funds are administered by the ECMC under the direction of the Department of Education and are excluded as a federal program and not subject to Single Audit requirements.
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