Notes to SEFA
Title: Loan/loan guarantee outstanding balances
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: Saint Joseph Abbey and Seminary College did not elect to use the 10% de minimis indirect cost rate.
FEDERAL DIRECT STUDENT LOANS (84.268) - Loans are made directly to students; therefore, only the value of the loans made during the audit period are considered to be expenditures of federal awards. The value of loans made during the audit period was $102,636. The balance of loans for previous audit periods is not included as federal awards expended.
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: Saint Joseph Abbey and Seminary College did not elect to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Saint Joseph Abbey and Seminary 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 Saint Joseph Abbey and Seminary College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SaintJoseph Abbey and Seminary College.
Title: PROJECTS
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: Saint Joseph Abbey and Seminary College did not elect to use the 10% de minimis indirect cost rate.
Expenditures reported on the schedule for 97.036 have the following Louisiana public assistance project numbers: 666, 708, 727, 754, 755, 767, 768, 781, 792, 824, 840, and 882. Expenditures reported on the schedule for 14.228 have the following Louisiana public assistance project numbers: 172 and 879.