Notes to SEFA
Title: Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Carl Sandburg College Community College District 518 (the College) for the year ended June 30, 2022 and is presented on the modified accrual basis of accounting. The information in this 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The College elected not to use the 10% de minimis indirect cost rate during the year ended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Colleges participation in the U.S. Department of Educations Student Financial Aid Program includes the Federal Direct Student Loan Program. The College does not make the loan as this is done directly with the students by the lenders. The College includes the value of the loans made during the year as federal awards expended in the Schedule of Expenditures of Federal Awards. The balance of the loans from previous years is not included because the lender accounts for the prior balances.
Title: Non-cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Carl Sandburg College Community College District 518 (the College) for the year ended June 30, 2022 and is presented on the modified accrual basis of accounting. The information in this 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The College elected not to use the 10% de minimis indirect cost rate during the year ended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College did not expend any federal awards in the form of non-cash assistance during the year ended June 30, 2022.
Title: Other Federal Award Information
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Carl Sandburg College Community College District 518 (the College) for the year ended June 30, 2022 and is presented on the modified accrual basis of accounting. The information in this 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The College elected not to use the 10% de minimis indirect cost rate during the year ended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College did not receive or administer any insurance or loan guarantees during fiscal year ended June 30, 2022.