Notes to SEFA
Title: Non-cash Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of The Alabama College of Osteopathic Medicine, Inc. (College) under programs of the federal government for the year ended September 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, change in net assets, or cash flows of the College.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the minimis cost rate.
The College did not have any non-cash awards during the fiscal year.
Title: Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of The Alabama College of Osteopathic Medicine, Inc. (College) under programs of the federal government for the year ended September 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, change in net assets, or cash flows of the College.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the minimis cost rate.
The College disbursed $48,514,391 of loans under the Federal Direct Student Loans Program,
which includes Unsubsidized Loans and Graduate PLUS Loans.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of The Alabama College of Osteopathic Medicine, Inc. (College) under programs of the federal government for the year ended September 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, change in net assets, or cash flows of the College.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the minimis cost rate.
There were no awards passed through to subrecipients.