Notes to SEFA
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 toreimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were $986,575. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were $809,514. EDUCATION AND HUMAN RESOURCES (47.076) - Balances outstanding at the end of the audit period were $337,775.
Title: BASIS OF PRESENTATION
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 toreimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The purpose of the schedule of expenditures of federal awards (the Schedule) is to present a summary of those activities of College of St. Scholastica, Inc. that have been financed by the United States government (federal awards). Federal awards received directly from federal agencies are included in the Schedule, as are federal guaranteed loans disbursed by other sources. Additionally, all federal awards passed through from other entities have been included in the Schedule. The College is required to match certain grant agreements, as defined in the grants, and these matching amounts are not included in the Schedule.The information in the Schedule is presented in accordance with requirements of 2 CFRPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion 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 College of St. Scholastica, Inc.