Notes to SEFA
Title: Note 1-Basis of presentation
Accounting Policies: Basis of accounting - Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("the Schedule") includes the federal grant activity of Spartanburg Methodist College ("the College") under programs of the federal government for the year ended June 30, 2022. 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 College, it is not intended to and does not present the statements of financial position, activities and changes in net assets and cash flows of the College.
Title: Note 3-Federal Direct Student Loans
Accounting Policies: Basis of accounting - Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal Direct Student Loans, amounting to $3,138,322, were made to students of the College during the year ended June 30, 2022. Parent Loans for Undergraduate Studies, amounting to $338,941 were made to parents of students of the College during the year ended June 30, 2022.
Title: Note 4-Higher Education Emergency Relief Fund
Accounting Policies: Basis of accounting - Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The CARES Act created a Higher Education Emergency Relief Fund ("HEERF") to provide financial relief to students and institutions who were impacted by the COVID-19 pandemic. The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) and the American Rescue Plan (ARP) provided additional rounds of HEERF (II and III). The HEERF funds contained three components, an institutional award, a student aid award, and a strengthening institution program award. The following amounts have been awarded as HEERF as of June 30, 2022: See the notes to the SEFA for chart/table.