Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.Under the Federal Direct Student Loan Program (Direct Loan Program), the U.S. Department ofEducation makes loans to enable a student or parent to pay the costs of the studentsattendance at a postsecondary school. The Direct Loan Program enables an eligible student orparent to obtain a loan to pay for the students cost of attendance directly from the U.S.Department of Education rather than through private lenders. The College administers theorigination and disbursement of the loans to eligible students or parents. The College is notresponsible for the collection of these loans.The College has elected to use the 10 percent de minimis indirect cost rate as allowed underthe Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.