Notes to SEFA
The schedule of expenditures of federal awards reflects federal expenditures for all individual grants which were active during the fiscal year.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Center and is presented 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
The schedule of expenditures of federal awards presents only a selected portion of the activities of the Center. It is not intended to, nor does it, present either the balance sheet, revenue, expenditures, or changes in fund balances of governmental funds. The financial activity for the aforementioned awards is reported in the Center’s statement of activities and statement of revenue, expenditures, and changes in fund balance – governmental funds.
The Center is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program. Accordingly, neither the funds advanced to students nor the value of these outstanding loans are reflected in the Center’s financial statements.
The Center has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.