Notes to SEFA
Title: Federal Assistance Reconciliation
Accounting Policies: The expenditures included in the schedule are reported for the College’s fiscal year ended August 31, 2023 and 2022. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds which have been expended by the College for purposes 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 general purpose financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: The District did not receive reimbursement for indirect costs during the year ended August 31, 2023. Indirect costs are allowed as part of the Small Business Development program matching expenditures, however, none are reimbursed.
Federal Revenues - per Exhibit 2:
Federal grants and contracts (operating revenues) $ 3,539,886
Title IV federal grants (non-operating revenues) 3,953,428
Total pass-through and expenditures per federal schedule $ 7,493,314
Title: Matching Expenditures
Accounting Policies: The expenditures included in the schedule are reported for the College’s fiscal year ended August 31, 2023 and 2022. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds which have been expended by the College for purposes 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 general purpose financial statements. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The College has followed all applicable guidelines issued by various entities in the preparation of the schedule.
De Minimis Rate Used: N
Rate Explanation: The District did not receive reimbursement for indirect costs during the year ended August 31, 2023. Indirect costs are allowed as part of the Small Business Development program matching expenditures, however, none are reimbursed.
The Small Business Development (SBDC) program requires local matching expenditures. The District accounts for these expenditures within the Current Unrestricted Funds. Matching expenditures for the years ended August 31, 2023 and 2022 were as follows:
Assistance Pass -Through Program Direct Matching Expenditures
Listing Grantor’s Matching Years Ended August 31,
Number Number Required 2023 2022 Total
SBDC Program (10-01-22/12-31-22) 59.037 R-22-0088 $ 120,797 $ 35,907 $ 70,179 $ 106,086
SBDC Program (01-01-23/12-31-23) 59.037 R-23-0120 $ 120,797 70,910 - 70,910
$ 106,817 $ 70,179 $ 176,996