Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to charge a de minimis indirect cost rate of 10% of modified total direct costs.
The accompanying Schedule of Expenditures of Federal Awards and Schedule of Expenditures of State Awards for St. Norbert College, Inc. (the College) are presented in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations and the Wisconsin State Single Audit Guidelines issued by the Wisconsin Department of Administration.
Title: FEDERAL LOAN PROGRAMS
Accounting Policies: Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to charge a de minimis indirect cost rate of 10% of modified total direct costs.
The College administers the following federal loan programs: See the Notes to the SEFA for chart/table
Loans outstanding at the beginning of the year are included in the Schedule of Expenditures of Federal Awards. No new loans were made under the Federal Perkins Loan Program during the year ended May 31, 2023.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to charge a de minimis indirect cost rate of 10% of modified total direct costs.
The College has no sub-recipients of federal funds for the year ended May 31, 2023.