Notes to SEFA
Title: 4
Accounting Policies: 1. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award
activity of Bluffton University (University) under programs of the federal government for the year
ended June 30, 2023. The accompanying notes are an integral part of this Schedule. 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). 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.
2. 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% de minimis indirect cost rate allowed under the
Uniform Guidance.
There were no subrecipients during the year ended June 30, 2023.
Title: 5
Accounting Policies: 1. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award
activity of Bluffton University (University) under programs of the federal government for the year
ended June 30, 2023. The accompanying notes are an integral part of this Schedule. 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). 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.
2. 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% de minimis indirect cost rate allowed under the
Uniform Guidance.
The federal loan program listed subsequently is administered directly by the University, and balances
and transactions relating to this program are included in the University’s basic financial statements.
Loans outstanding at the beginning of the year are included in the federal expenditures presented in
the Schedule. There were no loans made during the year. The balance of loans outstanding at
June 30, 2023, consists of: Federal Perkins Loan Program $774,034.