Notes to SEFA
Title: Note 3—Federal Perkins Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of Brevard College Corporation (the “College”) and is presented on the accrual basis of accounting. 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 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: Indirect Cost Rate - The College has elected not to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
The Federal Perkins Loan Program is administered directly by the College. Balances and transactions relating to this program are included in the College’s consolidated financial statements. The balance of loans outstanding under the Federal Perkins Loan Program was $-0-, net of allowance for doubtful accounts of $29,000 at May 31, 2024. In accordance with the Federal Perkins Loans closing guidelines, no new loans are allowed and no new loans were disbursed by the College for the year ended May 31, 2019 or thereafter.
Cash on hand at May 31, 2024, under the Perkins Loan Program was $3,863.
Title: Note 4—Federal Direct Student Loans Program
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of Brevard College Corporation (the “College”) and is presented on the accrual basis of accounting. 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 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: Indirect Cost Rate - The College has elected not to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
During the fiscal year ended May 31, 2024, the College processed $6,468,587 of new loans under the Federal Direct Student Loans Program (Assistance Listing #84.268).
The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans Program and, accordingly, these loans are not included on the College’s consolidated financial statements; furthermore, it is not practical to determine the balance of loans outstanding to students and former students of the College under this program at May 31, 2024.