Notes to SEFA
Title: Basis of Presentation
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.
De Minimis Rate Used: N
Rate Explanation: During 2019 College of Saint Mary was approved to utilize a facilities and administrative cost rate of 31.7% on federal grants and contracts. The approved rate is valid through June 30, 2023. The College of Saint Mary has elected to not use the de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal awards activity of College of Saint Mary and is presented 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: During 2019 College of Saint Mary was approved to utilize a facilities and administrative cost rate of 31.7% on federal grants and contracts. The approved rate is valid through June 30, 2023. The College of Saint Mary has elected to not use the de minimis indirect cost rate.
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.
Title: Subrecipients
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.
De Minimis Rate Used: N
Rate Explanation: During 2019 College of Saint Mary was approved to utilize a facilities and administrative cost rate of 31.7% on federal grants and contracts. The approved rate is valid through June 30, 2023. The College of Saint Mary has elected to not use the de minimis indirect cost rate.
The College of Saint Mary provided $7,484 of federal awards received from the National Science Foundation to subrecipients. This amount is included in the federal expenditures presented in the schedule.
Title: Indirect Cost Rate
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.
De Minimis Rate Used: N
Rate Explanation: During 2019 College of Saint Mary was approved to utilize a facilities and administrative cost rate of 31.7% on federal grants and contracts. The approved rate is valid through June 30, 2023. The College of Saint Mary has elected to not use the de minimis indirect cost rate.
During 2019 College of Saint Mary was approved to utilize a facilities and administrative cost rate of 31.7% on federal grants and contracts. The approved rate is valid through June 30, 2023. The College of Saint Mary has elected to not use the de minimis indirect cost rate.
Title: Reporting of Federal Perkins Loans and Nursing Student Loans
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.
De Minimis Rate Used: N
Rate Explanation: During 2019 College of Saint Mary was approved to utilize a facilities and administrative cost rate of 31.7% on federal grants and contracts. The approved rate is valid through June 30, 2023. The College of Saint Mary has elected to not use the de minimis indirect cost rate.
Amounts reported as "Amounts Expended" for the Federal Perkins Loan Program (AL #84.038) and Nursing Student Loans (AL #93.364) include all assets for these individual programs as of June 30, 2023.