Notes to SEFA
Title: NOTE D - CARES ACT: HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF)
Accounting Policies: Note A - Basis of Presentation - This accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Caney Creek Community Center, Inc. operating as Alice Lloyd College (the College) under programs of the federal government for the year ended July 31, 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 financial position, changes in net assets or cash flows of the College. Note B - Summary of Significant 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. 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: Note C - Indirect Cost Rates - The College has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. However, the College used the 5 percent administrative cost allowance under the student financial assistance programs for a total of $59,067 for the year ended July 31, 2022.
All funds the College received from the Coronavirus Aid, Relief, and Economic Security Act (HEERF I) and the Coronavirus Response and Relief Supplemental Appropriations Act (HEERF II) were distributed directly to students. Students received $1,147,382 from the Higher Education Emergency Relief Fund (HEERF) Student Portion, $1,147,382 from the Higher Education Emergency Relief Fund (HEERF) Institution Portion, and $155,064 from the Higher Education Emergency Relief Fund (HEERF) Strengthening Institutions Program.