Notes to SEFA
Accounting Policies: ? Expenditures reported on the Schedule are reported on the accrual basis of accounting,which is consistent with how the college presents its basic financial statements. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.? Under the Federal Direct Student Loan Program (Direct Loan Program), the U.S.Department of Education makes loans to enable a student or parent to pay the costs ofthe students attendance at a postsecondary school. The Direct Loan Program enablesan eligible student or parent to obtain a loan to pay for the students cost of attendancedirectly from the U.S. Department of Education rather than through private lenders. TheCollege administers the origination and disbursement of the loans to eligible students orparents. The College is not responsible for the collection of these loans.? The College has elected not to use the 10 percent de minimis cost rate under the UniformGuidance.? During the year ended June 30, 2022 the College did not provide any federal awards tosubrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.