Notes to SEFA
Title: Note 1: Federal Assistance Reconciliation
Accounting Policies: See Notes 1-3
De Minimis Rate Used: N
Rate Explanation: See Note 3
Federal Grants and Contracts revenue - per Schedule A $ 4,584,376
Add: Non Operating Federal Revenue from Schedule C 14,899,269
Add: Direct Student Loans 1,381,854
$ 20,865,499
Title: Note 2: Significant accounting policies used in preparing the schedule
Accounting Policies: See Notes 1-3
De Minimis Rate Used: N
Rate Explanation: See Note 3
The expenditures included in the schedule are reported for the college's fiscal year. Expenditure reports to funding
agencies are prepared on the award period basis. The expenditures reported above represent funds that have been
expended by the college for the purpose of the award. The expenditures reported above may not have been reimbursed
by the funding agencies as of the end of the fiscal year. Some amounts reported in the schedule may differ from
amounts used in the preparation of the basic financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitation and restrictions imposed by the funding agencies. The college has
followed all applicable guidelines issued by various entities in the preparation of the schedule.
Title: Note 3: Indirect Cost Rate
Accounting Policies: See Notes 1-3
De Minimis Rate Used: N
Rate Explanation: See Note 3
The College has elected not to use the 10 percent de minis indirect cost rate allowed under the Uniform Guidance.