Notes to SEFA
Title: Adjustments and Transfers
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Schoolcraft College (the “College”) under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net position, or cash flows of the College.
Expenditures reported in the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The pass-through entity identifying numbers are presented where available.
The College has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guid
As allowable and in accordance with federal regulations issued by the U.S. Department of Education, in the year ended June 30, 2022, the College carried forward $19,541 of the 2021-2022 Federal Work- Study Program (84.033) award and $19,085 of the 2021-2022 Federal Supplemental Educational Opportunity Grants (84.007) award, which it spent in the 2022-2023 award year. In addition, in the year ended June 30, 2023, the College carried forward $18,665 of the 2022-2023 Federal Work-Study Program (84.033) award and $26,212 of the 2022-2023 Federal Supplemental Educational Opportunity Grants (84.007) award, which it intends to spend in the 2023-2024 award year.