Notes to SEFA
Title: Federal Direct Student Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenses are recognized as incurred using the cost accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenses are not allowable or are limited as to reimbursement. Expenditures include costs that can be directly identified to a program plus allocations of applicable indirect costs. The indirect costs applied are negotiated percentages of direct expenses. Indirect cost rates applied to awards for the year ended June 30, 2023 were negotiated with the cognizant federal rate agency, the Department of Health and Human Services.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus rate.
See notes to the SEFA for charts/tables
Title: Federal Perkins Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenses are recognized as incurred using the cost accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenses are not allowable or are limited as to reimbursement. Expenditures include costs that can be directly identified to a program plus allocations of applicable indirect costs. The indirect costs applied are negotiated percentages of direct expenses. Indirect cost rates applied to awards for the year ended June 30, 2023 were negotiated with the cognizant federal rate agency, the Department of Health and Human Services.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus rate.
See notes to the SEFA for charts/tables
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenses are recognized as incurred using the cost accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenses are not allowable or are limited as to reimbursement. Expenditures include costs that can be directly identified to a program plus allocations of applicable indirect costs. The indirect costs applied are negotiated percentages of direct expenses. Indirect cost rates applied to awards for the year ended June 30, 2023 were negotiated with the cognizant federal rate agency, the Department of Health and Human Services.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of College of the Atlantic (the College) under programs of the federal government for the year ended June 30, 2023. 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. Because the Schedule presents only a selected portion of the operations of College of the Atlantic, it is not intended to and does not present the financial position, changes in net assets, or cash flows of College of the Atlantic.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenses are recognized as incurred using the cost accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenses are not allowable or are limited as to reimbursement. Expenditures include costs that can be directly identified to a program plus allocations of applicable indirect costs. The indirect costs applied are negotiated percentages of direct expenses. Indirect cost rates applied to awards for the year ended June 30, 2023 were negotiated with the cognizant federal rate agency, the Department of Health and Human Services.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus rate.
Of the federal expenditures presented in the schedule of expenditures of federal awards, the College did not provide federal awards to subrecipients.