Notes to SEFA
Title: Property and Equipment
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule 33) includes the federal grant activity of Shawnee Community College (the College) 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the College, which are presented in conformity with accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The College did not use the 10 percent de minimis indirect cost rate. The indirect allocations allowable under the TRIO Cluster was $60,811 for the year ended June 30, 2022.
Property and equipment purchases that are presented as expenditures in the schedule may be capitalized by the College, if applicable.
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule 33) includes the federal grant activity of Shawnee Community College (the College) 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the College, which are presented in conformity with accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The College did not use the 10 percent de minimis indirect cost rate. The indirect allocations allowable under the TRIO Cluster was $60,811 for the year ended June 30, 2022.
The schedule has been prepared on the accrual basis of accounting. Expenditures include all accounts payable representing liabilities for goods and services received as of June 30, 2022.