Notes to SEFA
Title: IDENTIFICATION
Accounting Policies: THE SEFA IS PREPARED USING IDENTIFIED FEDERAL AWARDS BASED ON ACTUAL EXPENSES IN THE FISCAL YEAR.
De Minimis Rate Used: N
Rate Explanation: COLLEGE HAS DHHS APPROVED IDC RATE OF 35.3%
AWARDS ARE IDENTIFIED BY THE 'CFDA' NUMBER AND RECORDED IN INDIVIDUAL GENERL LEDGER ACCOUNTS FOR TRACKING AND REPORTING PURPOSES
Title: EXPENDITURES
Accounting Policies: THE SEFA IS PREPARED USING IDENTIFIED FEDERAL AWARDS BASED ON ACTUAL EXPENSES IN THE FISCAL YEAR.
De Minimis Rate Used: N
Rate Explanation: COLLEGE HAS DHHS APPROVED IDC RATE OF 35.3%
THE SEFA REPORTS AMOUNTS EXPENDED, NOT THE AMOUNT RECEIVED, DURING THE FISCAL YEAR
Title: RECONCILIATION
Accounting Policies: THE SEFA IS PREPARED USING IDENTIFIED FEDERAL AWARDS BASED ON ACTUAL EXPENSES IN THE FISCAL YEAR.
De Minimis Rate Used: N
Rate Explanation: COLLEGE HAS DHHS APPROVED IDC RATE OF 35.3%
FEDERAL AWARDS ARE RECONCILED ON A MONTHLY BASIS AND THE SEFA IS RECONCILED TO THE GENERAL LEDGER