Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Rosedale Technical College (the College) under programs of the federal government for the year ended June 30, 2022. 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 operation of the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Federal Noncash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Rosedale Technical College (the College) under programs of the federal government for the year ended June 30, 2022. 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 operation of the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
There was no federal insurance in effect for the year. There were also no federal loan or federal loan guarantees outstanding at the end of the year. There were no amounts of noncash assistance received.
Title: Student Financial Assistance and Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Rosedale Technical College (the College) under programs of the federal government for the year ended June 30, 2022. 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 operation of the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The total loans granted under the Federal Direct Student Loan Program, which were not made by the College but were received by its students, were approximately $3,715,000 for the year ended June 30, 2022.