Notes to SEFA
Title: Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Evangel University of the Assemblies of God under programs of the federal government for the year ended April 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Evangel University of the Assemblies of God, it is not intended to and does not present the financial position, changes in net assets or cash flows of Evangel University of the Assemblies of God. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Evangel University of the Assemblies of God has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal Direct Student Loan balances are not included in Evangel University of the Assemblies of Gods financial statements. Loans disbursed during the year are included in federal expenditures presented in the Schedule. The Federal Perkins Loan Program listed subsequently is administered directly by the Evangel University of the Assemblies of God, and balances and transactions relating to this program are included in the Evangel University of the Assemblies of Gods basic financial statements. The balance of Federal Perkins Loans (CFDA 84.038) outstanding at April 30, 2023 was $403,199.
Title: Personal Protective Equipment (PPE) (Unaudited)
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Evangel University of the Assemblies of God under programs of the federal government for the year ended April 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Evangel University of the Assemblies of God, it is not intended to and does not present the financial position, changes in net assets or cash flows of Evangel University of the Assemblies of God. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Evangel University of the Assemblies of God has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Evangel University of the Assemblies of God did not receive donated PPE from a federal source during the year ended April 30, 2023.