Notes to SEFA
The accompanying schedule includes the federal award activity of Itawamba Community College 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net position, or cash flows of the College.
The federal programs included in the accompanying schedule are accounted for using the accrual basis of accounting and the schedule was prepared using the same significant accounting policies, where applicable, as those used for the basic financial statements, with the following exception: · For purposes of this schedule, loans made to students under the Federal Direct Student Loans (ALN #84.268) are presented as federal expenditures. Neither the funds advanced to students nor the outstanding loan balance is included in the financial statements since the loans are made and subsequently collected by private lending institutions and/or the federal government.
The expenditures presented in the schedule of expenditures of federal awards are recognized following the cost principles as found in Uniform Guidance. The College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The federal award programs of the College had no outstanding loan balances nor were there any loan guarantees as of June 30, 2025.