Notes to SEFA
Accounting Policies: (1) GENERAL INFORMATION
The accompanying schedule of expenditures of federal awards presents the activities in all of the federal
financial assistance programs of PVCC. All financial assistance received directly from federal agencies as well
as federal financial assistance passed through other governmental agencies or nonprofit organizations are
included on the schedule.
(2) BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of
accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports
submitted to federal funding sources on either a cash or modified cash basis of accounting.
(3) RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Federal awards expenditures are reported on the statements of activities and functional expenses. 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, because program expenditures exceeding grant or contract
budget limitations are not reflected on the schedule of expenditures of federal awards.
(4) INDIRECT COSTS
PVCC has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: PVCC has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.