Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations 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: N
Rate Explanation: The auditee has elected not to use the 10% de minimis indirect cosst rate as allowed under Uniform Guidance.
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 reimbursement.Expenditures for federal student financial aid programs are recognized as incurred and include Federal Pell program grants to students, loan disbursements under the Federal Perkins Loan Programs, Federal Direct Loans and Parent Loans for Undergraduate Students (PLUS) programs (Direct Student Loans), the federal share of students Federal Supplemental Educational Opportunity Grant program grants and Federal Work Study program earnings, and administrative cost allowances, where applicable. Loans made under the Federal Direct and PLUS programs are disbursed by the Federal government. The Federal Perkins Loan Program ended during fiscal year 2018 and the College is making the required repayments to the government.
Title: Student Loan Programs and Related Matters
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations 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: N
Rate Explanation: The auditee has elected not to use the 10% de minimis indirect cosst rate as allowed under Uniform Guidance.
The Federal Perkins Loan Program (the Program) is administered directly by the College and balances and transactions relating to the Program are included in the Colleges financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The Program ended in fiscal year 2018, and there were no new loans disbursed for the year ended June 30, 2022. The balance of loans outstanding under the Program was $413,270 as of June 30, 2022. The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans, and accordingly, these loans are not included in its financial statements. The principal amount of loans disbursed under these programs during the year ended June 30, 2022, is included on the Schedule.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations 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: N
Rate Explanation: The auditee has elected not to use the 10% de minimis indirect cosst rate as allowed under Uniform Guidance.
The College did not pass any federal awards through to subrecipients during the year ended June 30, 2022.