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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The purpose of the schedule of expenditures of federal awards (the Schedule) is to present a summary of those activities of College of St. Scholastica, Inc. that have been financed by
the United States government (federal awards). Federal awards received directly from federal agencies are included in the Schedule, as are federal guaranteed loans disbursed by
other sources. Additionally, all federal awards passed through from other entities have been included in the Schedule. The College is required to match certain grant agreements, as
defined in the grants, and these matching amounts are not included in the Schedule.
The information in the Schedule is presented in accordance with requirements of 2 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 College of St. Scholastica, Inc.
Title: Federal Loan Programs
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The loan balances of federal loan programs as of June 30, 2024 are as follows:
Loan Loans Advanced
Program Title Balance in Current Year
Federal Perkins Loan
Program (ALN 84.038) $ 399,906 $ -
Federal Nursing Loan
Program (ALN 93.364) 956,626 364,252
Noyce Loan Program (ALN 47.076) 239,394 -
Title: Student Financial Aid Institutional and Program Eligibility Metrics
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College is in compliance with the following institutional and program eligibility requirements under the Higher Education Act of 1965 and Federal regulations under 34 CFR 668.23:
Correspondence courses the institution offers under 34 CFR 600.7(b) and (g)
Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and (g)
Institution’s regular students that are incarcerated under 34 CFR 600.7(c) and (g)
Completion rates for confined or incarcerated individuals enrolled in non-degree programs at nonprofit institutions under 34 CFR 600.7(c)(3)(ii) and (g)
Institution’s regular students that lack a high school diploma or its equivalent under 34 CFR 600.7(d) and (g)
Completion rates for short-term programs under 34 CFR 668.8(f) and (g)
Placement rates for short-term programs under https://www.ecfr.gov/current/title-34/subtitle-B/chapter-VI/part-668/subpart-A/section-668.8 34 CFR 668.8(e)(2)