Audit 47364

Accounting Policies: NOTE 1 - FEDERAL FINANCIAL ASSISTANCE RECONCILIATIONRevenue - Federal grants and contracts revenue - Per Schedule A - College$3 680 789 Add: Federal grants and contracts revenue - Per Schedule C - College8 710 084 TOTAL FEDERAL REVENUES PER SCHEDULE A AND C12 390 873 Reconciling Items:Add: Funds passed through to others103 015 Add: Federal grant capital contributions - Per Exhibit 2 - College295 846 Add: Direct loans2 135 286 Add: Federal grants and contracts revenue - Foundation131 101 TOTAL FEDERAL REVENUES PER SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS$15 056 121 NOTE 2 - SIGNIFICANT ACCOUNTING POLICIESThe expenditures included in the schedule are reported for the College's fiscal year. Expenditure reports to funding agencies are prepared onthe award period basis. The expenditures reported represent funds which have been expended by the College for the purposes of the award.The expenditures reported may not have been reimbursed by the funding agencies as of the end of the fiscal year. Separate accounts aremaintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. Some amountsreported in the schedule may differ from amounts used in the preparation of the basis financial statements. The College has followed allapplicable guidelines issued by various entities in the preparation of the schedule. Since the College has agency approved Indirect RecoveryRate it has elected not to use the 10 percent de minimis cost rate as permitted in the UG, section 200.414.NOTE 3 - STUDENT LOANS PROCESSED AND ADMINISTRATIVE COSTS RECOVEREDFEDERAL GRANTORNEW LOANSADMINISTRATIVECFDA NUMBER/PROGRAM NAMEPROCESSEDCOST RECOVEREDTOTALU.S. Department of Education:All direct loans processed are included in the schedule.NOTE 4 - AMOUNTS PASSED THROUGH BY THE COLLEGEThe following amounts were passed through to the listed sub-recipients by the College:U.S. Department of Education:Title V:TAMUT - Texarkana$103 015 TOTAL AMOUNT PASSED THROUGH BY THE COLLEGE$103 015 (A) Denotes federal financial assistance program for the Component Unit - Northeast Texas Community College Foundation. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.