Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The basis of presentation is presented in accordance with Title 2 US Code of Federal Regulations, Part 200, Uniform Guidance Requirements. Expenditures are reported on the accrual basis and recognized either the cost principles in OMB Circular A-21 or cost principles contained in Title 2 US Code of Federal Regulations Part 200.
De Minimis Rate Used: N
Rate Explanation: College chose not to apply the de minimis cost rate.
The basis of presentation is presented in accordance with Title 2 US Code of Federal Regulations, Part 200, Uniform Guidance Requirements. Expenditures are reported on the accrual basis and recognized either the cost principles in OMB Circular A-21 or cost principles contained in Title 2 US Code of Federal Regulations Part 200.
Title: Federal Student Loan Programs
Accounting Policies: The basis of presentation is presented in accordance with Title 2 US Code of Federal Regulations, Part 200, Uniform Guidance Requirements. Expenditures are reported on the accrual basis and recognized either the cost principles in OMB Circular A-21 or cost principles contained in Title 2 US Code of Federal Regulations Part 200.
De Minimis Rate Used: N
Rate Explanation: College chose not to apply the de minimis cost rate.
Federally guaranteed loans issued to students under the FDL program were $9,460,835. The amount presented represents the value of the new loans awarded during the year. The College is responsible only for the performance of certain administrative duties with respect to the FDL program and accordingly these loans are not included in its financial statements and it is not practical to determine the balance of loans outstanding to students and former students of the College under these programs at June 30, 2023.
Title: Noncash and Federal Insurance
Accounting Policies: The basis of presentation is presented in accordance with Title 2 US Code of Federal Regulations, Part 200, Uniform Guidance Requirements. Expenditures are reported on the accrual basis and recognized either the cost principles in OMB Circular A-21 or cost principles contained in Title 2 US Code of Federal Regulations Part 200.
De Minimis Rate Used: N
Rate Explanation: College chose not to apply the de minimis cost rate.
The College did not receive noncash assistance or have federal insurance in effect during the fiscal year.