Notes to SEFA
Title: GENERAL
Accounting Policies: Expenditures are recognized following the cost principles contained in Uniform Guidance in 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Goldey-Beacom College, Inc. has elected to use an indirect cost rate of 5% as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of all federal awards received directly from federal agencies as well as awards passed through other governmental agencies. Because the schedule presents only a selected portion of the College’s operations, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the College.
Title: BASIS OF ACCOUNTING
Accounting Policies: Expenditures are recognized following the cost principles contained in Uniform Guidance in 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Goldey-Beacom College, Inc. has elected to use an indirect cost rate of 5% as allowed under the Uniform Guidance.
The schedule is presented using the accrual basis of accounting. Expenditures are recognized following the cost principles contained in Uniform Guidance in 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures are recognized following the cost principles contained in Uniform Guidance in 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Goldey-Beacom College, Inc. has elected to use an indirect cost rate of 5% as allowed under the Uniform Guidance.
Goldey-Beacom College, Inc. has elected to use an indirect cost rate of 5% as allowed under the Uniform Guidance.