Notes to SEFA
The accompanying schedule includes the federal award activity of the College under programs of the federalgovernment for the year ended June 30, 2025. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents onlya selected portion of the operations of Northeast Mississippi Community College, it is not intended to and does notpresent the financial position, changes in net position, or cash flows of the Northeast Mississippi CommunityCollege.
This schedule was prepared using the same basis of accounting and the same significant accounting policies, asapplicable, used for the financial statements, with the following exceptions:For purposes of this schedule, loans made to students under the Federal Direct Student Loans (ALN #84.268) arepresented as federal expenditures. The loans are a direct benefit to students and therefore are eliminated out ofthe Statement of Revenues, Expenses and Changes in Net Position.Expenditures presented on the schedule of expenditures of Federal awards are recognized following the costprinciples as found in the Uniform Guidance. The College has elected to use the 15% de minimis indirect cost rateallowed under the Uniform Guidance.