Notes to SEFA
Title: NOTE 1 - 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 to reimbursement. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Great Lakes Christian College has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The College does not pass-through federal funds.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Christian College has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award
activity of Great Lakes Christian College under programs of the federal government for the year ended June 30,
2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations (CFR) 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 Great Lakes Christian College, it is not intended to and does not present the financial position,
changes in net assets or cash flows of Great Lakes Christian College.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING
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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Great Lakes Christian College has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The College does not pass-through federal funds.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Christian College has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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. Negative amounts (if any) shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available. Great
Lakes Christian College has elected to not use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance. The College does not pass-through federal funds.
Title: NOTE 3 - RECONCILIATION WITH AUDITED FINANCIAL STATEMENTS
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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Great Lakes Christian College has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The College does not pass-through federal funds.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Christian College has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
See the Notes to the SEFA for chart/table.
Title: NOTE 4 - ZONE ALTERNATIVE
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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Great Lakes Christian College has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The College does not pass-through federal funds.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Christian College has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2024, the College was operating under the provisional certification alternative for failure to meet the Department of Education’s standards of financial responsibility for the year ended June 30, 2022. The College must comply with all the requirements specified for the provisional certification alternative including the zone alternative and heightened cash monitoring payment method. On May 28, 2024, the Department of Education notified the College that it is no longer required to comply with the cash surety and zone reporting requirements contained in the institution’s provisional program participation agreement as well as the required heightened cash monitoring requirements.