Notes to SEFA
Title: Federal Student Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal student loan program listed subsequently is administered directly by the College and balances and transactions relating to this program are included in the College's basic financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022 consists of: FEDERAL PERKINS LOAN PROGRAM (Assistance Listing Number: 84.038) - Balances outstanding at the end of the audit period were $1,342,716.
Title: Federal Student Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal student loan program listed subsequently is administered directly by the College and balances and transactions relating to this program are included in the College's basic financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022 consists of:
Title: Higher Education Emergency Relief Fund
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College was awarded funds for student and institutional purposes under the Higher Education Emergency Relief Fund program (HEERF). These funds are administered directly by the College. Amounts expended as of June 30, 2022 for both the student and institutional portion of the program are included in the federal expenditures presented in the Schedule. HEERF activity for the year ended June 30, 2022 and 2021 is as follows: SEE FINANCIAL STATEMENTS FOR TABLE.