Notes to SEFA
Title: Loan/Loan guarentee 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College is responsible for all aspects of the Nursing Faculty Loan Program. Accordingly, the Colleges financial statements include all activities related to this program. The accompanying schedule of expenditures of federal awards generally includes only amounts disbursed to students plus administrative recovery under the programs. During the year ended June 30, 2022, $20,191 was disbursed to students under the Nursing Faculty Loan Program. The balance of loans outstanding under the Nursing Faculty Loan Program as of June 30, 2022 was $353,463.The College is only responsible for the performance of certain administrative duties with respect to the Federal Direct Loans. Therefore, the transactions and the balances of loans outstanding related to this program are not included in the Colleges financial statements. It is not practical to determine the balance of loans outstanding to students of the College under this program at June 30, 2022 The schedule of expenditures of federal awards includes amounts loaned to students during the year ended June 30, 2022.
Title: Higher Education Emergency Relief Fund
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 auditee did not use the de minimis cost rate.
The College received funds for student and institutional purposes under the Higher Education Emergency Relief Fund program ("HEERF"). These funds are administered directly by the College. Amounts expended for the year ended June 30, 2022, for both the student and institutional portion are included in federal expenditures presented in the Schedule.