Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes grant activity of Trident Technical College (the “College”) and is prepared on the accrual basis of accounting.
Expenditures recorded on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Expenditures for student financial aid programs include the federal share of student's Federal Supplemental Education Opportunity Grant program grants and Federal Work Study program earnings, certain other federal financial aid for students and administrative cost allowances, where applicable. Expenditures for nonfinancial aid awards include indirect costs, related primarily to facilities operation and maintenance and general divisional and departmental administrative services, which are allocated to direct cost objectives (including federal awards) based on negotiated formulas commonly referred to as facilities and administrative cost rates. Facilities and administrative costs allocated to such awards for the year ended June 30, 2025, were based on predetermined fixed rates negotiated with the College's cognizant federal agency.
The College receives funds under various federal grant programs and such awards are to be expended in accordance with the provisions of the various grants. Compliance with the grants is subject to audit by various government agencies which may impose sanctions in the event of non-compliance. Management believes that they have complied with all aspects of the various grant provisions and the results of adjustments, if any, relating to such audits would not have any material financial impact.
The College has elected not to use the ten percent de Minimis indirect cost rate allowed under the Uniform Guidance.