Notes to SEFA
Title: Note 1 - 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 College has elected not to use the 10-percent de minimis
indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Mitchell College (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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the College.
The College includes loans granted under the Federal Direct Student Loan Program as expenditures of federal awards.
Title: Note 3 - Federal 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 College has elected not to use the 10-percent de minimis
indirect cost rate allowed under the Uniform Guidance.
The Federal Student Loan Program listed subsequently is administered directly by the College and balances and transactions relating to this program are included in the College's basic consolidated financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The program has been terminated by the Department of Education and therefore no new loans were made during the year ended June 30, 2023. The balance of loans outstanding at June 30, 2023 consists of: SEE FINANCIAL STATEMENTS FOR TABLE
Title: Note 4 - Higher Education Emergency Relief Fund
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 College has elected not to use the 10-percent de minimis
indirect cost rate allowed under the Uniform Guidance.
The College was awarded funds for student and institutional purposes under the Higher Education Emergency Relief Fund (“HEERF”). These funds are administered directly by the College. Amounts expended as of June 30, 2023 for both the student and institutional portions are included in Federal expenditures presented on the Schedule. All funds available to the College were expended as of June 30, 2023. HEERF activity for the years ended June 30 are as follows: SEE FINANCIAL STATEMENTS FOR TABLE.