Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Basis of Accounting – 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Claflin University (the “University”) and is presented on the accrual basis of accounting. 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 University, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the University.
Title: Note 3—Higher Education Emergency Relief Fund
Accounting Policies: Basis of Accounting – 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Coronavirus Aid, Recovery, and Economic Security Act created a Higher Education Emergency Relief Fund (“HEERF”) to provide financial relief to students and institutions who were impacted by the COVID-19 pandemic. The Coronavirus Response and Relief Supplemental Appropriations Act and the American Rescue Plan provided additional rounds of HEERF (II and III) funding. HEERF funds contained three components, an institutional award, a student aid award, and a strengthening institutions award. The following cumulative amounts have been awarded under HEERF as of June 30, 2023: See the Notes to the SEFA for chart/table. The University expended the following amounts under HEERF during the year ended June 30, 2023: See the Notes to the SEFA for chart/table.