Notes to SEFA
Title: Federal Assurances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared to comply with the Uniform Guidance. This circular requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal financial assistance program as identified on the Assistance Listing and identification of programs that have not been assigned an Assistance Listing Number as Other Federal Assistance. The Schedule includes all expenditures of federal awards administered by the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Three Rivers College did not have federal insurance in effect during the year or have federal loans or loan guarantees outstanding at year end which are required to be reported in accordance with the Uniform Guidance.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared to comply with the Uniform Guidance. This circular requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal financial assistance program as identified on the Assistance Listing and identification of programs that have not been assigned an Assistance Listing Number as Other Federal Assistance. The Schedule includes all expenditures of federal awards administered by the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The total expenditures of the Career and Technical Education Basic Grants to States grant, CFDA 84.048 of $309,617 included $35,426 of payments made to subrecipients.
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared to comply with the Uniform Guidance. This circular requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal financial assistance program as identified on the Assistance Listing and identification of programs that have not been assigned an Assistance Listing Number as Other Federal Assistance. The Schedule includes all expenditures of federal awards administered by the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule is presented in accordance with the Uniform Guidance, which defines federal awards as ?assistance that non-federal entities receive or administer in the form of grants, loans, loan guarantees, property (including donated surplus property), cooperative agreements, interest subsidies, insurance, food commodities, direct appropriations, and other assistance, but does not include amounts received as reimbursement for services rendered to individuals. Accordingly, the Schedule includes nonmonetary as well as monetary assistance.
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared to comply with the Uniform Guidance. This circular requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal financial assistance program as identified on the Assistance Listing and identification of programs that have not been assigned an Assistance Listing Number as Other Federal Assistance. The Schedule includes all expenditures of federal awards administered by the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Except as noted below, the Schedule is presented on the accrual basis of accounting, which recognizes revenues when earned and expenses when an obligation has been incurred.