Notes to SEFA
Title: Note 1 - Federal Assistance Reconciliation
Accounting Policies: The expenditures included in the schedule are reported for the District's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended to the District for the purposes of the award. Some amounts reported in the schedule may differ from amounts used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in preparation of the Schedule. Since the District has agency approved indirect recovery rate it has elected not to use the 10 percent de minimis cost rate as permitted in the UG, Section 200.414. The District has followed all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. See second to last sentence in above paragraph.
See notes to SEFA for chart/table.
Title: Note 3 - Student Loans Processed and Administrative Costs Recovered -
Accounting Policies: The expenditures included in the schedule are reported for the District's fiscal year. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds that have been expended to the District for the purposes of the award. Some amounts reported in the schedule may differ from amounts used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in preparation of the Schedule. Since the District has agency approved indirect recovery rate it has elected not to use the 10 percent de minimis cost rate as permitted in the UG, Section 200.414. The District has followed all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. See second to last sentence in above paragraph.
Not included in Schedule of Expenditures of Federal Awards. See notes to SEFA for chart/table.