Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lancaster Bible College (the “College”) and is presented on the accrual basis of accounting. The information in these schedules 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.” Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lancaster Bible College (the “College”) and is presented on the accrual basis of accounting. The information in these schedules 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.” Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lancaster Bible College (the “College”) and is presented on the accrual basis of accounting. The information in these schedules 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.” Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lancaster Bible College (the “College”) and is presented on the accrual basis of accounting. The information in these schedules 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.” Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College did not pass any awards through to subrecipients.
Title: MATCHING CONTRIBUTIONS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lancaster Bible College (the “College”) and is presented on the accrual basis of accounting. The information in these schedules 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.” Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts reported in the accompanying Schedule of Expenditures of Federal Awards do not include matching contributions made by the College. The College made matching contributions of $39,500 to the Federal Supplemental Educational Opportunity Grants, even though it was not required to do so do a waiver being granted.
Title: FEDERAL DIRECT STUDENT LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lancaster Bible College (the “College”) and is presented on the accrual basis of accounting. The information in these schedules 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.” Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
FEDERAL DIRECT STUDENT LOANS
The Federal Direct Student Loans (Federal ALN Number 84.268) are comprised of the following types of loans:
Plus Loans $ 795,945
Stafford Loans 2,724,018
Unsubsidized Stafford Loans 5,770,917
Total Federal Direct Student Loans $ 9,290,880