Notes to SEFA
Accounting Policies: The expenditures used in preparing the schedule are reported for the Colleges fiscal year.Expenditure reports to funding agencies are prepared on the award period basis. Theexpenditures reported above represent funds, which have been expended by the College forthe purposes of the award. The expenditures reported above may not have been reimbursedby the funding agencies as of the end of the fiscal year. Some amounts recorded in theschedule may differ from the amounts used in the preparation of the basic financialstatements. Separate accounts are maintained for the different awards to aid in theobservance of limitations and restrictions imposed by the funding agencies. The College hasfollowed 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 the10 percent de minimis cost rate as permitted in the UG, section 200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.