Notes to SEFA
Title: 2. Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) presents the expenditures of all federal awards programs of Bethany College and Affiliate (collectively, the College) using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. 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 assets or cash flows of the College.
Title: 3. Student Financial Assistance and Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) presents the expenditures of all federal awards programs of Bethany College and Affiliate (collectively, the College) using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The total loans granted under the Federal Direct Student Loan Program, which were not made by the College but were received by its students, were approximately $3,912,000 for the year ended June 30, 2023.
The total loans outstanding under the Federal Perkins Loan Program at June 30, 2023 were approximately $2,504,000.
Federal awards expenditures include loans administered under the Federal Direct Student Loan Program during the year ended June 30, 2023, and Federal Perkins Loans outstanding as of June 30, 2022 plus loans awarded during the year ended June 30, 2023.
Title: 5. Community Facilities Loan (USDA Loan)
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) presents the expenditures of all federal awards programs of Bethany College and Affiliate (collectively, the College) using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The USDA loan included on the schedule of expenditures of federal awards is administered directly by the College and the balance and transactions related to this program are included in the College's consolidated financial statements. In accordance with the Uniform Guidance, the Schedule reflects the balance of the loan outstanding at the beginning of the fiscal year or July 1, 2022. There were no new loans made or received and no principal payments made during the year ended June 30, 2023. The balance of the loan outstanding at June 30, 2023 was $34,600,000.