Notes to SEFA
Title: Federal Perkins Loans Program
Accounting Policies: The accompanying schedule of federal awards (Schedule) includes the federal grant activity of Southwestern Assemblies of God University (University), under programs of the federal government for the year ended May 31, 2023. The information in the 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 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended May 31, 2023, the University did not advance new loans under the Federal Perkins Loans Program. The University liquidated the program during the year ended May 31, 2023.
Title: Federal Direct Student Loans Program
Accounting Policies: The accompanying schedule of federal awards (Schedule) includes the federal grant activity of Southwestern Assemblies of God University (University), under programs of the federal government for the year ended May 31, 2023. The information in the 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 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.
De Minimis Rate Used: N
Rate Explanation: The University 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 the University’s consolidated financial statements. Loans disbursed during the year are included in federal expenditures presented in the Schedule.
Title: Administrative Costs
Accounting Policies: The accompanying schedule of federal awards (Schedule) includes the federal grant activity of Southwestern Assemblies of God University (University), under programs of the federal government for the year ended May 31, 2023. The information in the 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 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of Pell Grant and Federal-Work Study disbursements shown on the schedule of expenditures of federal awards includes the current year administrative cost allowance of $3,975 and $8,089, respectively.