Notes to SEFA
Title: Other Federal Award Information
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Heartland Community College Community College District #540 (the 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College did not expend any federal awards in the form of non-cash assistance during the year ended June 30, 2022.
Title: Direct Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Heartland Community College Community College District #540 (the 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the fiscal year ended June 30, 2022, students and their parents were awarded $1,846,232 of federal guaranteed loans under the Federal Direct Student Loan Program (programs include Stafford Loans, Parents Loans for Undergraduate Students, and Unsubsidized Stafford Loans).The College is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances relating to these loan programs are not included in the Colleges basic financial statements.
Title: Non-cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Heartland Community College Community College District #540 (the 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College did not expend any federal awards in the form of non-cash assistance during the year ended June 30, 2022.