Title: NOTE 1---SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Lane College (the “College”), located in Jackson, Tennessee, is a private, co-educational, church-related institution which provides a liberal arts curriculum leading to baccalaureate degrees in the Arts and Sciences. The College admits persons regardless of color, sex, religion, and/or national origin.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant expenditure activity of the College for the year ended June 30, 2022, and is presented using the accrual basis of accounting. The information on this Schedule is prepared 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, changes in net assets, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to utilize the 10% De Minimis election in the fiscal year June 30, 2023.
Lane College (the “College”), located in Jackson, Tennessee, is a private, co-educational, church-related institution which provides a liberal arts curriculum leading to baccalaureate degrees in the Arts and Sciences. The College admits persons regardless of color, sex, religion, and/or national origin.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant expenditure activity of the College for the year ended June 30, 2023, and is presented using the accrual basis of accounting. The information on this Schedule is prepared 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, changes in net assets, or cash flows of the College.
Title: NOTE 2---DE MINIMIS ELECTION
Accounting Policies: Lane College (the “College”), located in Jackson, Tennessee, is a private, co-educational, church-related institution which provides a liberal arts curriculum leading to baccalaureate degrees in the Arts and Sciences. The College admits persons regardless of color, sex, religion, and/or national origin.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant expenditure activity of the College for the year ended June 30, 2022, and is presented using the accrual basis of accounting. The information on this Schedule is prepared 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, changes in net assets, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to utilize the 10% De Minimis election in the fiscal year June 30, 2023.
The College did not elect to utilize the 10% De Minimis election in the fiscal year June 30, 2023.
Title: NOTE 3---FEDERAL DIRECT LOAN PROGRAM
Accounting Policies: Lane College (the “College”), located in Jackson, Tennessee, is a private, co-educational, church-related institution which provides a liberal arts curriculum leading to baccalaureate degrees in the Arts and Sciences. The College admits persons regardless of color, sex, religion, and/or national origin.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant expenditure activity of the College for the year ended June 30, 2022, and is presented using the accrual basis of accounting. The information on this Schedule is prepared 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, changes in net assets, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to utilize the 10% De Minimis election in the fiscal year June 30, 2023.
During the year ended June 30, 2023, the College processed $ 4,131528 of new loans under the Federal Direct Loan Program, CFDA Number 84.268.
Title: NOTE 4---SUBSEQUENT EVENTS
Accounting Policies: Lane College (the “College”), located in Jackson, Tennessee, is a private, co-educational, church-related institution which provides a liberal arts curriculum leading to baccalaureate degrees in the Arts and Sciences. The College admits persons regardless of color, sex, religion, and/or national origin.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant expenditure activity of the College for the year ended June 30, 2022, and is presented using the accrual basis of accounting. The information on this Schedule is prepared 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, changes in net assets, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to utilize the 10% De Minimis election in the fiscal year June 30, 2023.
The College has evaluated subsequent events as of February 24, 2024; the date management evaluated such events that require disclosures. February 24, 2024, is the date the Schedule was available to be issued.