Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Broome Community College (College) under programs of the federal government for the year ended August 31, 2025. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 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 or the respective changes in the financial position of the business-type activities and the discretely presented component units of the College.
Expenditures reported on the Schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the College’s general ledger.
When the College receives funds from a government entity other than the federal government (pass-through), the funds are accumulated based upon the Assistance Listing number advised by the pass-through grantor. Identifying numbers, other than Assistance Listing numbers, which may be assigned bypass-through grantors are not maintained in the College’s financial management system. The College has identified certain pass-through identifying numbers and included them in the Schedule, as available.
The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Matching costs, i.e., the College’s share of certain program costs, are not included in the Schedule.
The College participates in the Federal Direct Student Loan Program (Assistance Listing #84.268) which offers low-interest loans to students and parents. During the fiscal year ended August 31, 2025, the College processed $11,520,457 of new loans under the Federal Direct Student Loan Program. With respect to the Federal Direct Student Loan Program, the College is only responsible for the performance of certain administrative duties; therefore, the College’s financial statements do not include any amounts relative to these loans. The cumulative amount of total loans guaranteed and outstanding at August 31, 2025 is undeterminable.