Notes to SEFA
The Schedule of Expenditures of Federal Awards includes the federal grant activity of under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may offer from amounts presented in, and used in the preparation of, the basic financial statements.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed, or limited as to reimbursement.
University Center of Lake County has not elected to use a 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
University Center of Lake County did not provide federal awards to subrecipients during the year ended June 30, 2025.
University Center of Lake County did not have any federal loans or loan guarantees outstanding for the year ended June 30, 2025.
University Center of Lake County did not receive any federally donated PPE during the year ended June 30, 2025.