Notes to SEFA
Title: Contingency
Accounting Policies: The purpose of the schedule of expenditures of federal awards and state financial assistance (the Schedule) is to present a summary of the activities of Eckerd College, Inc. (the College) for the year ended June 30, 2022, which have been financed by the U.S. Government and the State of Florida. The information in this schedule is presented in accordance with the requirements of OMB 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and Chapter 10.650, Rules of the Auditor General. Therefore, the Schedule presents only a selected portion of the activities of the College. It is not intended to, and does not, present either the consolidated financial position or activities of the College.The Schedule is prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States.
De Minimis Rate Used: N
Rate Explanation: The College does not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the College. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements, and applicable federal and state laws and regulations
Title: Federal Direct Student Loans
Accounting Policies: The purpose of the schedule of expenditures of federal awards and state financial assistance (the Schedule) is to present a summary of the activities of Eckerd College, Inc. (the College) for the year ended June 30, 2022, which have been financed by the U.S. Government and the State of Florida. The information in this schedule is presented in accordance with the requirements of OMB 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and Chapter 10.650, Rules of the Auditor General. Therefore, the Schedule presents only a selected portion of the activities of the College. It is not intended to, and does not, present either the consolidated financial position or activities of the College.The Schedule is prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States.
De Minimis Rate Used: N
Rate Explanation: The College does not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
During the year ended June 30, 2022, the College processed new loans, for which the transactions are between the student and an outside third party, under the Federal Family Education Loan Program (which includes subsidized Stafford Loans, Parents Plus Loans for Undergraduate Students, and unsubsidized Stafford Loans). The College is responsible only for the performance of certain administrative duties with respect to these loans and, accordingly, balances and transactions related to this loan program are not included in the Colleges consolidated financial statements. Therefore, it is not practical to determine the balance of loans outstanding to students and former students of the College as of June 30, 2022. The amounts disbursed to students during fiscal 2022, however, are reflected in the schedule of expenditures of federal awards and state financial assistance within the federal direct student loans caption.