Notes to SEFA
Title: State Awards
Accounting Policies: The accompanying Schedule includes the federal grant transactions of the University recorded onthe accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During fiscal 2022, the University awarded $2,140,494 in North Carolina Need Based Scholarships, which is funding received from the state of North Carolina. Such funds were considered direct and material to the University.
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule includes the federal grant transactions of the University recorded onthe accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 13682.
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule includes the federal grant transactions of the University recorded onthe accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement.
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 (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 (Uniform Guidance) for the year ended June 30, 2022. The Schedule presents only a selected portion of the activities of Chowan University (the University). It is not intended to and does not present either the financial position, changes in activities, or cash flows of the University.
Title: Subrecipients
Accounting Policies: The accompanying Schedule includes the federal grant transactions of the University recorded onthe accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no program funds passed through the University to subrecipients during the year ended May 31, 2022.