Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Wor-Wic Community College has elected to used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance unless a rate is specifically identified in a grant agreement.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Wor-Wic Community College and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
Title: STUDENT FINANCIAL ASSISTANCE LOAN PROGRAMS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Wor-Wic Community College has elected to used the 10% de minimis indirect cost rate as allowed under the Uniform Guidance unless a rate is specifically identified in a grant agreement.
During the year ended June 30, 2022, the College processed the following amount of new loans under the Federal Direct Student Loans Program. Since the program is administered by outside financial institutions, new loans made during the year relating to this program are considered current year expenditures in this schedule. Federal ALN: 84.268 Program Name: Federal Direct Student Loans Loan Expenditures: $1,626,266