Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 3626209. FEDERAL PERKINS LOANS (84.038) - Balances outstanding at the end of the audit period were 272205.
Title: General
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of Kentucky Christian University (the University). The University's reporting entity is defined in Note 1 to the University's financial statements. All federal financial assistance was received directly from federal agencies. The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients. The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the University. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
Title: Federal Supplemental Educational Opportunity Grants
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers a Federal Supplemental Educational Opportunity Grants Program (Assistance Listing, AL, No. 84.007) funded by the U.S. Department of Education. For the 2021-2022 award year, the U.S Department of Education granted the University a waiver of the non-federal share match requirement under the Federal Supplemental Educational Opportunity Grants Program, however, the University elected to provide a non-federal institutional share under this program. Total federal disbursements under the program for the year ended May 31, 2022 are as follows: Student grants, institution amount, $42,725; federal amount, $46,534; total, $89,259; Administrative cost allowance, institution amount, $0; federal amount, $0; total, $0; Overall amounts, institution, $42,725; federal, $46,534; total, $89,259.
Title: Federal Direct Student Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the year ended May 31, 2022, the University processed $3,626,209 of new loans under the Federal Direct Student Loans Program (AL No. 84.268) (which includes Stafford Loans, subsidized and unsubsidized, and Parents' Loans for Undergraduate Students). The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program, and accordingly, it is not practical to determine the balance of loans outstanding to students and former students of the University under the program at May 31, 2022.
Title: Federal Work-Study Program
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers a Federal Work-Study Program (AL No. 84.033) funded by the U.S. Department of Education. For the 2021-2022 award year, the U.S. Department of Education granted the University a waiver of the non-federal share match requirement under the Federal Work-Study Program. Total disbursements under the program, including the non-federal institutional share amount the University was not obligated to provide, for the year ended May 31, 2022 are as follows: Earned compensation, institution amount, $0; federal amount, $211,408; total, $211,408; Administrative cost allowance, institution amount, $0; federal amount, $10,469; total, $10,469; Overall amounts, institution, $0; federal, $221,877; total, $221,877.
Title: Federal Perkins Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers a Federal Perkins Loans Program (AL No. 84.038) funded by the U.S. Department of Education. Loan outstanding at the beginning of the year, Administrative Cost Allowance, and loans made during the year are included in the federal expenditures in the Schedule. At May 31, 2022, the cash and investments balances in the program totaled $94,408. At May 31, 2022, the loans receivable balance under the program was $272,205. Total disbursements under the program for the year ended May 31, 2022 are as follows: Loans outstanding, June 1, 2021, $369,169