Notes to SEFA
Accounting Policies: The accounting policies of the College conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for subrecipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.