Notes to SEFA
Title: 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Central College has not elected to use the 10 percent de minimus cost rate as allowed by the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Central College (the “College”) under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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, activities, or cash flows of the College.
Title: Federal Student Loan Programs
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Central College has not elected to use the 10 percent de minimus cost rate as allowed by the Uniform Guidance.
The Federal Perkins Loan Program is administered directly by the College and balances and transactions relating to this program are included in the College’s financial statements. Loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022 was $1,280,930, net of an estimated allowance for uncollectible accounts of $155,000. The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program, and, accordingly, loans under this program are not included in the College’s financial statements. It is not practical to determine the balance of the loans outstanding to students and former students of the College under this program at June 30, 2022.