Notes to SEFA
Title: Note 2 - Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. 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).
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the de minimis rate of 10 percent for the year ended June 30, 2023.
Expenditures of the Direct Loan program include the total value of the loans awarded and paid to the College’s students during the year ended June 30, 2023. The Perkins loans represent the amounts of the federal Perkins loans outstanding at June 30, 2023. The College had the following loan balances outstanding at June 30, 2023. Loans made during the year are included in the schedule of federal expenditures presented in the schedule.
Title: Note 3 - Additional Information
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. 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).
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the de minimis rate of 10 percent for the year ended June 30, 2023.
As of and during the year ended June 30, 2023, the College did not receive any noncash federal assistance, federal insurance, or federal loans or loan guarantees. In addition, the College did not pass through any federal grants to sub-recipients.