Notes to SEFA
Title: NOTE 3. PASS-THROUGH FINANCIAL ASSISTANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Rocky Mountain College and 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on this schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 230, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
During the year ended June 30, 2022, the College had no pass-through financial assistance to other organizations.
Title: NOTE 4. FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Rocky Mountain College and 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on this schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 230, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The College participates in the following federal loan programs: Perkins Loan Program (CFDA No. 84.038) Total Perkins loan expenditures and disbursements to students for the year ended June 30, 2022, was $-0-. The outstanding balance of Perkins loans as of June 30, 2022, was $331,337. Direct Student Loans (CFDA No. 84.268) During the year ended June 30, 2022, the College processed a total of $14,359,574 of new loans under the Direct Student Loan Program.