Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The schedule of expenditures of federal awards presents only a selected portion of the activities of the College. It is not intended to and does not present either the financial position, changes in activities, or cash flows of the College. The financial activity for the aforementioned awards is reported in the College's statement of revenues, expenses and changes in net assets. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program expenditures exceeding grant or contract budget limitations which are not reported as expenditures in the schedule of expenditures of federal awards.
De Minimis Rate Used: Y
Rate Explanation: The College submits a proposal (simplified method) for an indirect cost rate every three to four years. The approved rate is used on grants, contracts and other agreements with the Federal Government in the absence of a capped rate requirement.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Chesapeake College (the “College”) during the year ended June 30, 2023 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the Audit Requirements for Federal Awards under Title 2 U.S. Code of Federal Regulations, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance).