Notes to SEFA
Title: Note 1 ‐ Federal Revenue Reconciliation
Accounting Policies: Note 2 ‐ Summary of Significant Accounting Policies
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 represent funds that have been expended by the College for the purposes of the award. The expenditures reported may not have been reimbursed by the funding agencies as of the end of the fiscal year. Some amounts included in the schedule may differ from amounts used in preparation of the basic 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 applicable guidelines issued by various entities in the preparation of the schedule. Since the College has agency approved Indirect Cost Recovery Rate, it has elected not to use the 10% de minimis cost rate as permitted in the Uniform Guidance, Section 200.414.
De Minimis Rate Used: N
Rate Explanation: See Note 2.
Federal revenues for the year ended August 31, 2023 are reported in the basic financial statements as follows:
See SEFA notes for chart/table.