Notes to SEFA
Title: Note 2 - Loan Programs
Accounting Policies: Basis of Accounting
The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the de minimis rate of 10 percent for the year ended May 31, 2023.
Expenditures of the Direct Loan program include the total value of the loans awarded and paid to the College’s students during the year ended May 31, 2023.
The Perkins loans represent the amounts of the federal Perkins loans outstanding at May 31, 2022. During the year ended May 31, 2023, $239,862 was collected and cancelled for Perkins loans.
Title: Note 3 - Additional Information
Accounting Policies: Basis of Accounting
The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the de minimis rate of 10 percent for the year ended May 31, 2023.
As of and during the year ended May 31, 2023, the College did not receive any noncash federal assistance or federal insurance. In addition, the College did not pass through any federal grants to sub-recipients.
Title: Note 5 -Higher Education Institutional Aid Endowment
Accounting Policies: Basis of Accounting
The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the de minimis rate of 10 percent for the year ended May 31, 2023.
As part of its Higher Education Institutional Aid grant, Title III the College was authorized to create an endowment fund using federal grant proceeds together with required matching contributions to be held for perpetuity. The cumulative balance of the federal awards and matching contributions was $363,069 as of May 31, 2023. This balance is included in the federal expenditures presented in the Schedule.