Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 of the Colleges financial statements. 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. Negative amounts reflected in the Schedule represent adjustments or resulting from the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The College has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.