Title: NOTE 4. FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the 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 College, it is not intended, and does not present, the financial position, change in net assets, or cash flows of the College. The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting which is the method of accounting used for the financial statements. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 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: The College has elected not to use the 10% deminimus indirect cost rate allowed under Uniform Guidance. The College received an approved predetermined rate of 29.50% from its federal cognizant agency, the Department of Health and Human Services. The effective rate applied during fiscal year 2022 is 29.50%.
The College participates in the following federal loan programs:Perkins Loan Program (AL No. 84.038)Effective September 30, 2017, the Perkins Loan Program was terminated. The College will continue to service outstanding loans; however, no new loans were disbursed for the year ended June 30, 2022. Direct Student Loans (AL No. 84.268)During the year ended June 30, 2022, the College awarded a total of $5,344,899 of new loans under the Direct Student Loan Program (which includes Stafford Subsidized and Unsubsidized Loans, Parents Loans for Undergraduate Students, and Stafford Independent Student Unsubsidized Loans). Loans are held by private institutions. See table of PDF pg 57 for details.
Title: NOTE 5. FEDERAL STUDENT FINANCIAL ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the 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 College, it is not intended, and does not present, the financial position, change in net assets, or cash flows of the College. The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting which is the method of accounting used for the financial statements. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 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: The College has elected not to use the 10% deminimus indirect cost rate allowed under Uniform Guidance. The College received an approved predetermined rate of 29.50% from its federal cognizant agency, the Department of Health and Human Services. The effective rate applied during fiscal year 2022 is 29.50%.
The College receives an administrative allowance for participating in various student financial assistance programs included on the Schedule as follows: See table on PDF pg 57 for details.
Title: NOTE 6. REVENUE DERIVED FROM TITLE IV FUNDS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the 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 College, it is not intended, and does not present, the financial position, change in net assets, or cash flows of the College. The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting which is the method of accounting used for the financial statements. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 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: The College has elected not to use the 10% deminimus indirect cost rate allowed under Uniform Guidance. The College received an approved predetermined rate of 29.50% from its federal cognizant agency, the Department of Health and Human Services. The effective rate applied during fiscal year 2022 is 29.50%.
The College derived 17.42% of its tuition, fees, and other institutional charges for students from Title IV funds during the year ended June 30, 2022.
Title: NOTE 7. RECONCILIATION FOR HIGHER ED EMERGENCY RELIEF FUND, AL #84.425F
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the 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 College, it is not intended, and does not present, the financial position, change in net assets, or cash flows of the College. The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting which is the method of accounting used for the financial statements. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 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: The College has elected not to use the 10% deminimus indirect cost rate allowed under Uniform Guidance. The College received an approved predetermined rate of 29.50% from its federal cognizant agency, the Department of Health and Human Services. The effective rate applied during fiscal year 2022 is 29.50%.
The following items reconcile federal expenditures under the HEERF program to program expenditures reported on the statement of activities for the year ended June 30, 2022: see table on PDF pg 58 for details.