Notes to SEFA
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Bushnell University under programs of the federal government for the year ended June 30, 2023. 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 Bushnell University, it is not intended to and does not present the financial position, changes in net assets or cash flows of Bushnell University
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures reported on this 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. Pass-through entity identifying numbers are presented where available. Bushnell University has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3 – Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Bushnell University under programs of the federal government for the year ended June 30, 2023. 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 Bushnell University, it is not intended to and does not present the financial position, changes in net assets or cash flows of Bushnell University
De Minimis Rate Used: N
Rate Explanation: N/A
All expenditures reported on this schedule were for federal award activity of Bushnell University and no related funds for any of the programs were provided to subrecipients for the year ended June 30, 2023.