Notes to SEFA
Title: Note 1 - Basis of Presentation:
Accounting Policies: Summary of Significant Accounting Policies:
Expenditures reported on the Schedule of Expenditures of Federal Awards 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.
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 listed on the accompanying Schedule of Expenditures of Federal Awards. As such, Golden Gate University has elected to not use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Golden Gate University under programs of the federal government for the year ended June 30, 2023. 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 Golden Gate University, it is not intended to and does not present the financial position, changes in net assets or cash flows of Golden Gate University.
Title: Note 2 - Summary of Significant Accounting Policies:
Accounting Policies: Summary of Significant Accounting Policies:
Expenditures reported on the Schedule of Expenditures of Federal Awards 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.
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 listed on the accompanying Schedule of Expenditures of Federal Awards. As such, Golden Gate University has elected to not use the 10% de minimis indirect cost rate.
Expenditures reported on the Schedule of Expenditures of Federal Awards 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.
Title: Note 3 - Indirect Costs:
Accounting Policies: Summary of Significant Accounting Policies:
Expenditures reported on the Schedule of Expenditures of Federal Awards 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.
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 listed on the accompanying Schedule of Expenditures of Federal Awards. As such, Golden Gate University has elected to not use the 10% de minimis indirect cost rate.
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 listed on the accompanying Schedule of Expenditures of Federal Awards. As such, Golden Gate University has elected to not use the 10% de minimis indirect cost rate.
Title: Note 4 - Loan and Loan Guarantees:
Accounting Policies: Summary of Significant Accounting Policies:
Expenditures reported on the Schedule of Expenditures of Federal Awards 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.
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 listed on the accompanying Schedule of Expenditures of Federal Awards. As such, Golden Gate University has elected to not use the 10% de minimis indirect cost rate.
The outstanding balance at June 30, 2023 on the Perkins Loans was $686,424.