Notes to SEFA
Title: (1)
Accounting Policies: This schedule has been prepared in accordance with accounting principles generally accepted in the United States of America. Revenues are recorded when earned. Expenditures are recorded when goods or services are received.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
These are subsidized and unsubsidized loans to students and parents at the College and are not included in the College's revenues and expenditures.