Title: Basis of Presentation
Accounting Policies: For purposes of the Schedule, expenditures for federal award programs are recognized on the accrual basis of accounting. Expenditures for federal student financial assistance programs include Pell program grants to students, FSEOG program grants to students, FWS program earnings, HRSA program grants to students, and administrative cost allowances where applicable. Additionally, the value of the beginning of the year balance of previous Perkins loans are included as federal award expenditures. Finally, the value of Federal Direct Student Loans processed in the current year are included as federal award expenditures. From time to time, the College is the sub-recipient of federal funds that are reported as expenditures and listed as federal pass-through (FPT) funds. Federal awards other than those indicated as pass-through are considered direct.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal expenditures of Spring Hill College (the College) 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). The amounts reported as federal expenditures were obtained from the College’s general ledger. Because the Schedule presents only a selected portion of the operations of the College, they are not intended to and do not represent its financial position, the changes in its net assets, or its cash flows. For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the College and agencies and departments of the federal government and all sub-awards to the College by nonfederal organizations pursuant to federal grants, contracts, and similar grants. For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the College and agencies and departments of the federal government and all sub-awards to the College by nonfederal organizations pursuant to federal grants, contracts, and similar grants. Student financial assistance includes certain awards to provide financial assistance to students, primarily under the Federal Work-Study (FWS), Federal Pell Grant (Pell), Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Direct Student Loans (FDL), Federal Perkins Loan (Perkins) and Scholarships for Health Professions Students from Disadvantaged Backgrounds (HRSA) programs.
Title: Federal Student Loan Programs
Accounting Policies: For purposes of the Schedule, expenditures for federal award programs are recognized on the accrual basis of accounting. Expenditures for federal student financial assistance programs include Pell program grants to students, FSEOG program grants to students, FWS program earnings, HRSA program grants to students, and administrative cost allowances where applicable. Additionally, the value of the beginning of the year balance of previous Perkins loans are included as federal award expenditures. Finally, the value of Federal Direct Student Loans processed in the current year are included as federal award expenditures. From time to time, the College is the sub-recipient of federal funds that are reported as expenditures and listed as federal pass-through (FPT) funds. Federal awards other than those indicated as pass-through are considered direct.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The Federal Perkins Loan Program (ALN 84.038) is administered directly by the College, and balances and transactions relating to this program are included in the College’s financial statements. The balances of loans outstanding at June 30, 2023, and funds advanced by the College to eligible students during the year ended June 30, 2023, under this federal student loan program can be summarized as follows: The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans Program. Accordingly, balances and transactions relating to this loan program are not included in the College’s general purpose financial statements. Therefore, it is not practical to determine the balance of such loans outstanding to students and former students of the College at June 30, 2023. During the year ended June 30, 2023, the College processed $5,445,840 of new loans under the Federal Direct Student Loans Program (ALN 84.268).
Title: Reconciliation of SEFA to the Statement of Activities
Accounting Policies: For purposes of the Schedule, expenditures for federal award programs are recognized on the accrual basis of accounting. Expenditures for federal student financial assistance programs include Pell program grants to students, FSEOG program grants to students, FWS program earnings, HRSA program grants to students, and administrative cost allowances where applicable. Additionally, the value of the beginning of the year balance of previous Perkins loans are included as federal award expenditures. Finally, the value of Federal Direct Student Loans processed in the current year are included as federal award expenditures. From time to time, the College is the sub-recipient of federal funds that are reported as expenditures and listed as federal pass-through (FPT) funds. Federal awards other than those indicated as pass-through are considered direct.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The majority of expenditures as shown on the Schedule for the year ended June 30, 2023 are excluded from the Statement of Activities in the College's basic financial statements as a result of the following financial statement presentations. Perkins disbursements are recorded to "Loans receivable - students, net" on the Statement of Financial Position in the College's basic financial statements. Draws for FSEOG, Pell, Federal Direct Loans, and HRSA reduce student receivables. Draws for FWS are netted with the associated wages paid.