Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of the Rockford University (the 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 the Rockford University, it is not intended to and
does not present the financial position, changes in net position or cash flows of the University.
Title: Summary of Significant Accounting Policies
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis 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: Indirect Cost Rate
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The University has elected to use the 10%-de-minimis indirect cost rate.
Title: Loan and Loan Guarantee Programs
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The Federal Perkins Loan Program is administered directly by the University, and balances and
transactions relating to this program are included in the University's basic financial statements. Loans
outstanding at the beginning of year and loans made during the year are included in the federal
expenditures presented in the Schedule. Federal Perkins loans outstanding at June 30, 2023 totaled
$954,976.
Title: Assistance Listing Number Not Available
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The Assistance Listing number for the U.S. Library of Congress Teaching with Primary Sources grant is
not available.