Notes to SEFA
Title: Higher Education Institutional Aid Endowment
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. The College did not elect to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As part of its Higher Education Institutional Aid grant, the College was authorized to create an endowment fund using federal grant proceeds together with required matching contributions to be held for a period of 20 years. The balance of federal awards included in the endowment fund was $2,000,000, which is included in the federal expenditures presented in the Schedule.
Title: Loan/loan guarantee outstanding balances
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. The College did not elect to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 63894. FEDERAL PERKIINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 448635.
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. The College did not elect to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College 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 College under these programs as of June 30, 2022.