Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes the federal award
activity of Amridge University, Inc. (“University”) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule
presents only a selected portion of the operations of the University, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the University
Title: Federal Direct Student Loan Program
Accounting Policies: 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
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
During the fiscal year ended June 30, 2023, the University processed new loans under the Federal Direct Student Loan Program totaling $8,599,332.
For loans processed under this program, the University is only responsible for performance of certain administrative duties and, accordingly, these loans are not included as assets in the University’s financial
statements. It is not practical to determine the balance of loans outstanding to students and former students of the University under the Federal Direct Student Loan Program as of June 30, 2023.