Notes to SEFA
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 to reimbursement. Pass- through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of The Thomas More College of Liberal Arts Inc. (the College) for the year ended May 31, 2024. The information in this Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. For purposes of the Schedule, federal awards include all federal assistance entered into directly or indirectly between the federal government and the College. Since the Schedule presents only a selected portion of the activities of the College, it is not intended to and does not present the financial position, changes in net assets and cash flows of the College.
Title: Federal Direct Student Loans
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. Pass- through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate.
During the year ended May 31, 2024, the College processed the following new loans under the Federal Direct Student Loans program. The loans were made directly through the U.S. Department of Education. See the Notes to the SEFA for chart/table.