Title: Program Type Determination
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal
grant activity of Coker University (the “University”) 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 the 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 University, it is not
intended to and does not present the financial position, changes in net position or cash flows of the
University.
De Minimis Rate Used: N
Rate Explanation: The University chose not to use the ten percent de Minimis indirect cost rate for the year ended
June 30, 2024.
Type A programs are defined as federal programs with federal expenditures exceeding $750,000.
The threshold of $750,000 was used in distinguishing between Type A and Type B programs.
Title: Method of Major Program Selection
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal
grant activity of Coker University (the “University”) 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 the 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 University, it is not
intended to and does not present the financial position, changes in net position or cash flows of the
University.
De Minimis Rate Used: N
Rate Explanation: The University chose not to use the ten percent de Minimis indirect cost rate for the year ended
June 30, 2024.
The risk-based approach was used in the selection of federal programs to be tested as major
programs. The University qualified as a high-risk auditee for the fiscal year ended June 30, 2024.
Title: FEDERAL DIRECT STUDENT LOAN PROGRAM (FDSLP) (ASSISTANCE
LISTING NUMBER 84.268)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal
grant activity of Coker University (the “University”) 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 the 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 University, it is not
intended to and does not present the financial position, changes in net position or cash flows of the
University.
De Minimis Rate Used: N
Rate Explanation: The University chose not to use the ten percent de Minimis indirect cost rate for the year ended
June 30, 2024.
Students received new FDSLP loans totaling $6,375,116 from the U.S. Department of Education
during the year ended June 30, 2024. The University is responsible only for the performance of
certain administrative duties with respect to its participation in the FDSLP and, accordingly, these
loans are not included in its basic financial statements. It is not practicable to determine the balance
of loans outstanding to students and former students of the University under this program as of
June 30, 2024.
Title: FEDERAL NON-CASH ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal
grant activity of Coker University (the “University”) 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 the 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 University, it is not
intended to and does not present the financial position, changes in net position or cash flows of the
University.
De Minimis Rate Used: N
Rate Explanation: The University chose not to use the ten percent de Minimis indirect cost rate for the year ended
June 30, 2024.
The University did not receive or expend federal awards in the form of non-cash assistance and had
no federal loan guarantees at June 30, 2024.
Title: USDA LOANS OUTSTANDING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal
grant activity of Coker University (the “University”) 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 the 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 University, it is not
intended to and does not present the financial position, changes in net position or cash flows of the
University.
De Minimis Rate Used: N
Rate Explanation: The University chose not to use the ten percent de Minimis indirect cost rate for the year ended
June 30, 2024.
The University has obtained long-term financing for the consolidation of debt, improvement of
facilities, purchase of equipment, and construction of new facilities, which has been guaranteed by
the U.S. Department of Agriculture. The changes in these loans during the year ended June 30, 2024,
were as follows: June 30, 2023 Less Principal Payments June 30, 2024
Loan 1 $ 1 ,149,017 $ 28,354 $ 1,120,663
Loan 2 $479,977 $10,829 $ 469,148