Audit 8133

Title: Note 1 – Federal Assistance Reconciliation Accounting Policies: Note 2 – Significant Accounting Policies Used in Preparing The Schedule 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 above represent funds that have been expended by the College for the 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 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 all applicable guidelines issued by various entities in the preparation of the schedule. The College did not use the 10% de minim us rule allowed by Uniformed Guidance section 200.414. De Minimis Rate Used: N Rate Explanation: See Note 2, last sentence. A reconciliation of federal financial assistance per the schedule of operating revenues and nonoperating revenues to the Schedule of Expenditures of Federal Awards is as follows: See notes to SEFA for table/chart.

Title: Note 3 – Federal Student Loan Program Accounting Policies: Note 2 – Significant Accounting Policies Used in Preparing The Schedule 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 above represent funds that have been expended by the College for the 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 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 all applicable guidelines issued by various entities in the preparation of the schedule. The College did not use the 10% de minim us rule allowed by Uniformed Guidance section 200.414. De Minimis Rate Used: N Rate Explanation: See Note 2, last sentence. The College participates in Federal Direct Student Loans program (ALN 84.268). Loans under the Federal Direct Student Loans program are made directly by the federal government to students. Loans disbursed during the fiscal year ended August 31, 2023 totaled $10,118,387 and are presented as current year federal expenditures.

Title: Note 4 -Amounts Passed-Through By Amarillo College Accounting Policies: Note 2 – Significant Accounting Policies Used in Preparing The Schedule 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 above represent funds that have been expended by the College for the 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 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 all applicable guidelines issued by various entities in the preparation of the schedule. The College did not use the 10% de minim us rule allowed by Uniformed Guidance section 200.414. De Minimis Rate Used: N Rate Explanation: See Note 2, last sentence. See notes to SEFA for table/chart.

Title: Note 5 -Noncash Awards Accounting Policies: Note 2 – Significant Accounting Policies Used in Preparing The Schedule 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 above represent funds that have been expended by the College for the 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 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 all applicable guidelines issued by various entities in the preparation of the schedule. The College did not use the 10% de minim us rule allowed by Uniformed Guidance section 200.414. De Minimis Rate Used: N Rate Explanation: See Note 2, last sentence. There were no federal noncash awards in fiscal year 2023 other than Federal Direct Student Loans discussed in Note 3 above.