Title: Note 1 - Basis of Presentation:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Although the U.S. Department of Education provides an Administrative Cost Allowance as a
component of the Student Financial Aid programs, there is no indirect cost rate allowed as part
of these programs.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
federal activity of SFCM 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 SFCM, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of SFCM.
Title: Note 2 - Summary of Significant Accounting Policies:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Although the U.S. Department of Education provides an Administrative Cost Allowance as a
component of the Student Financial Aid programs, there is no indirect cost rate allowed as part
of these programs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable
or are limited as to reimbursement.
Title: Note 3 - Indirect Costs:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Although the U.S. Department of Education provides an Administrative Cost Allowance as a
component of the Student Financial Aid programs, there is no indirect cost rate allowed as part
of these programs.
Although the U.S. Department of Education provides an Administrative Cost Allowance as a
component of the Student Financial Aid programs, there is no indirect cost rate allowed as part
of these programs.
Title: Note 4 - Loan and Loan Guarantees:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Although the U.S. Department of Education provides an Administrative Cost Allowance as a
component of the Student Financial Aid programs, there is no indirect cost rate allowed as part
of these programs.
The outstanding balance at June 30, 2023 on the Perkins Loans was $479,000.