Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Note 2 – Summary of Significant 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: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Vanguard University of Southern California and Affiliates (the “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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
Title: Note 3 – Federal Student Loan Programs
Accounting Policies: Note 2 – Summary of Significant 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: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal student loan program listed subsequently is administered directly by the University and balances and transactions relating to this program are included in the University’s consolidated financial statements. The beginning balance of the loan program is included as part of the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2023, consists of: (See Notes to SEFA Note 3 for included table)