Notes to SEFA
Title: EDUCATION STABILIZATION FUND
Accounting Policies: BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the schedule) includes the federal award activity of Iowa Lakes Community College under programs of the federal government for the year ended June 30, 2022. 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). Because the schedule presents only a selected portion of the operations of Iowa Lakes Community College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Iowa Lakes Community College.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Iowa Lakes Community College was awarded direct funding of $2,661,564 and indirect funding of $27,439 for a total of $2,689,003 received from the Education Stabilization Fund.