Title: (1) Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by Columbia College Chicago (the College) for the year ended August 31, 2023.
For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and agencies and departments of the federal government, as well as federal awards passed through other government agencies and not for profit organizations. The College did not receive any awards involving noncash assistance or federal insurance during the year ended August 31, 2023. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards are classified in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The College has a predetermined indirect cost rate agreement approved by the U.S. Department of Health and Human Services.
The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by Columbia College Chicago (the College) for the year ended August 31, 2023.
For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and agencies and departments of the federal government, as well as federal awards passed through other government agencies and not for profit organizations. The College did not receive any awards involving noncash assistance or federal insurance during the year ended August 31, 2023. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards are classified in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: (2) Federal Direct Student Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by Columbia College Chicago (the College) for the year ended August 31, 2023.
For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and agencies and departments of the federal government, as well as federal awards passed through other government agencies and not for profit organizations. The College did not receive any awards involving noncash assistance or federal insurance during the year ended August 31, 2023. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards are classified in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The College has a predetermined indirect cost rate agreement approved by the U.S. Department of Health and Human Services.
Loans made by the College to eligible students under the federal direct student loans program during the year ended August 31, 2023 are summarized as follows: (See the Notes to the SEFA for chart/table). The College is responsible only for the performance of certain administrative duties with respect to the FDL program. Accordingly, these loans are not included in its financial statements, and it is not practical to determine the balance of loans outstanding to students and former students of the College under these programs at August 31, 2023.
Title: (3) Higher Education Emergency Relief Fund (HEERF)
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by Columbia College Chicago (the College) for the year ended August 31, 2023.
For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and agencies and departments of the federal government, as well as federal awards passed through other government agencies and not for profit organizations. The College did not receive any awards involving noncash assistance or federal insurance during the year ended August 31, 2023. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards are classified in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The College has a predetermined indirect cost rate agreement approved by the U.S. Department of Health and Human Services.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), passed March 25, 2020, includes approximately $14 billion given to the Office of Postsecondary Education as the HEERF I. The Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (CRRSAA), signed into law on Dec. 27, 2020, authorizes $22.7 billion in support for education as the HEERF II. The American Rescue Plan (ARP), signed into law on March 11, 2021, provides $39.6 billion in support to institutions of higher education to serve students and ensure learning continues during the COVID 19 pandemic as part of the HEERF III. The objective of the HEERF program is to use HEERF grants to prevent, prepare for, and respond to coronavirus through grants to eligible institutions. Based on a student enrollment formula and institution status, the College was awarded $27,005,871 in HEERF II and HEERF III grant funds in fiscal year 2021 as follows: (See the Notes to the SEFA for chart/table). Under the CARES Act, certain amounts awarded to the College must be reserved to provide students with emergency financial aid grants to help cover expenses related to the disruption of campus operations due to coronavirus (Student Aid Portion) and the remainder of which may be used to cover any costs associated with significant changes to the delivery of instruction due to the coronavirus (Institutional Portion). The CRRSAA expanded the allowable uses for supplemental awards and new awards made under Section 314(a)(1) of the CRRSAA. The expanded use of funds authority also applies to unexpended HEERF I funds as of December 27, 2020. The ARP is largely a continuation of the CRRSAA subprograms but added two new required uses of HEERF III institutional portion grant funds: to “implement evidence based practices to monitor and suppress coronavirus in accordance with public health guidelines” and to “conduct direct outreach to financial aid applicants about the opportunity to receive a financial aid adjustment due to the recent unemployment of a family member or independent student, or other circumstances.”
During fiscal year 2023, the College had expenditures of $2,319,045 related to the Student Aid Portion and expenditures of $0 related to the Institutional Portion.
Title: (4) Indirect Costs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by Columbia College Chicago (the College) for the year ended August 31, 2023.
For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and agencies and departments of the federal government, as well as federal awards passed through other government agencies and not for profit organizations. The College did not receive any awards involving noncash assistance or federal insurance during the year ended August 31, 2023. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards are classified in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The College has a predetermined indirect cost rate agreement approved by the U.S. Department of Health and Human Services.
The College has a predetermined indirect cost rate agreement approved by the U.S. Department of Health and Human Services and does not use the de minimis indirect cost rate permitted under the Uniform Guidance. The College recovered approximately $78,538 in indirect costs for the year ended August 31, 2023, under federally approved indirect cost rate programs.