Notes to SEFA
Title: Noncash Federal Assistance
Accounting Policies: (1) Basis of Presentation The accompying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Morehouse College (the College) and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost of Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Expenditures include a portion of costs associated with general college activities (indirect costs), which are allocated to federal awards under negotiated formulas commonly referred to as indirect cost rates. Indirect costs and related revenue in the Colleges basic financial statements. Restricted grants and contracts and other agreements are recognized in the Schedule when funds are expended and receviable from the federal government.
De Minimis Rate Used: N
Rate Explanation: (2) Indirect Cost Rate The College did not elect to use the 10% de minimis indirect cost rate, as allowed in accordance with Uniform Guidance Section 200.414.
(3) Noncash Federal Assistance Most federal financial assistance is in the form of cash awards. However, there are a number of federal programs that do not involve cash transactions with the College. These noncash awards include the Federal Direct Student Loan Program (FDSLP) (which includes the Federal Stafford Student Loan Program and the Federal Parent Loans for Undergraduate Students) and the Federal Perkins Student Loan Program. Loans advanced and related expenditures for the year ended June 30, 2023 are as follows for the following student loan programs: (See the Notes to the SEFA for chart/table.).The College is only responsible for the performance of certain administrative duties with respect to the FDSLP. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of the College under these programs as of June 30, 2023. These loans are not included in the College’s financial statements. The Federal Perkins Student Loan Program is administered directly by the College, and balances and transactions relating to this program are included in the College’s financial statements. The balance of loans outstanding under the Federal Perkins Student Loan Program is $1,374,507 at June 30, 2023. Perkins Loans advanced in 2023 totaled $0.
Title: Administrative Cost Allowance
Accounting Policies: (1) Basis of Presentation The accompying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Morehouse College (the College) and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost of Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Expenditures include a portion of costs associated with general college activities (indirect costs), which are allocated to federal awards under negotiated formulas commonly referred to as indirect cost rates. Indirect costs and related revenue in the Colleges basic financial statements. Restricted grants and contracts and other agreements are recognized in the Schedule when funds are expended and receviable from the federal government.
De Minimis Rate Used: N
Rate Explanation: (2) Indirect Cost Rate The College did not elect to use the 10% de minimis indirect cost rate, as allowed in accordance with Uniform Guidance Section 200.414.
(4) Administrative Cost Allowance The College claimed an administrative cost allowance of $0 under the Federal Work Study Program for the year ended June 30, 2023, which is included in the Federal Work Study Program and Federal Supplemental Educational Opportunity Grant balances in the accompanying Schedule.