Notes to SEFA
Accounting Policies: NOTE 1: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes federal grant activity of
Belmont College (the College) includes the federal award activity of the federal government for the
year ended June 30, 2022. The information on this Schedule is prepared 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 to and does
not present the financial position, changes in net position, or cash flows of the College.
NOTE 2 – SUMMARY OF SIGNIFICANT 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 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 may or
may not be allowable or may be limited as to reimbursement. The College has elected
not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
NOTE 3: FEDERAL DIRECT LOAN PROGRAM
The College participates in the William D. Ford Federal Direct Loan Program. The College originates
the loans which are then funded through the U.S. Department of Education
Federal Subsidized Loans $ 213,602
Federal Unsubsidized Loans 431,915
Total Federal Direct Student Loans $ 645,517
NOTE 4: IMMATERIAL PRIOR YEAR ITEM
U.S. Department of Treasury ALN Passed through the Ohio Department of Higher Education
Coronavirus Relief Fund Mental Health 21.019 $
8,323
that were not reported in the fiscal year 2022 Schedule of Expenditures of Federal Awards.
The College received $8,323 in Coronavirus Relief Fund Mental Health in the fiscal year 2021-2022
De Minimis Rate Used: N
Rate Explanation: N/A