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.
De Minimis Rate Used: Y
Rate Explanation: The University of Charleston has elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The preceding schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The University of Charleston, Inc., 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 select 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: Federal Direct Loan Program
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.
De Minimis Rate Used: Y
Rate Explanation: The University of Charleston has elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The University is responsible only for the performance of certain administrative duties with respect to its Federal Direct Loan programs and, accordingly, these loans are not included in its financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the University under these programs as of June 30, 2023.
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.
De Minimis Rate Used: Y
Rate Explanation: The University of Charleston has elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The federal student loan programs listed below are administered directly by the University, and balances and transactions relating to these programs are included in the University's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Total new loans disbursed under the Federal Perkins Loan and the Nursing Student Loan Program were $0.