Notes to SEFA
Title: Federal Perkins Loan
Accounting Policies: Note 1.Basis of PresentationThe accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Louisville Presbyterian Theological Seminary (Seminary) under programs of the federal government for the year ended May 31, 2022. 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 Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Seminary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Seminary.Note 2.Summary of Significant Accounting PoliciesExpenditures 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: Louisville Presbyterian Theological Seminary has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Seminary administers a Federal Perkins Loan Program (Assistance Listing #84.038) funded by the U.S. Department of Education. Balances and transactions relating to this program are included in the Seminarys basic financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. There are no new Federal Perkins Loan issued by the Seminary. At May 31, 2022, the loans receivable balance for the program totaled $285,953.
Title: Other Federal Loans
Accounting Policies: Note 1.Basis of PresentationThe accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Louisville Presbyterian Theological Seminary (Seminary) under programs of the federal government for the year ended May 31, 2022. 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 Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Seminary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Seminary.Note 2.Summary of Significant Accounting PoliciesExpenditures 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: Louisville Presbyterian Theological Seminary has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Direct Student Loans (Assistance Listing 84.268) are also received directly by students of the Seminary during the audit period. These loans are disbursed by the federal government.