Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Andrew College (the “College”) 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 Title 2 U.S. Code of Federal Regulations 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. Expenditures for student financial assistance programs include the federal and the College’s share of students’ Federal Supplemental Educational Opportunity Grant (“FSEOG”) program grants and Federal Work-Study (“FWS”) program earnings, certain other federal financial aid for students and administrative cost allowances, where applicable. Federal Pell Grant awards are recognized as agency transactions and are not recorded as expenditures in the basic financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: See note regarding administrative cost allowance and indirect cost rate
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Andrew College (the “College”) 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 Title 2 U.S. Code of Federal Regulations 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. Expenditures for student financial assistance programs include the federal and the College’s share of students’ Federal Supplemental Educational Opportunity Grant (“FSEOG”) program grants and Federal Work-Study (“FWS”) program earnings, certain other federal financial aid for students and administrative cost allowances, where applicable. Federal Pell Grant awards are recognized as agency transactions and are not recorded as expenditures in the basic financial statements. 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.
Title: Administrative Cost Allowance and Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Andrew College (the “College”) 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 Title 2 U.S. Code of Federal Regulations 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. Expenditures for student financial assistance programs include the federal and the College’s share of students’ Federal Supplemental Educational Opportunity Grant (“FSEOG”) program grants and Federal Work-Study (“FWS”) program earnings, certain other federal financial aid for students and administrative cost allowances, where applicable. Federal Pell Grant awards are recognized as agency transactions and are not recorded as expenditures in the basic financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: See note regarding administrative cost allowance and indirect cost rate
The College claimed an administrative cost allowance in the amount of $145 for the year ended June 30, 2024, which was claimed against the Federal Supplemental Educational Opportunity Grant, Federal Pell Grant, and Federal Work Study Grant. The College elected not to use the 10% deminimis indirect cost rate.
Title: Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Andrew College (the “College”) 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 Title 2 U.S. Code of Federal Regulations 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. Expenditures for student financial assistance programs include the federal and the College’s share of students’ Federal Supplemental Educational Opportunity Grant (“FSEOG”) program grants and Federal Work-Study (“FWS”) program earnings, certain other federal financial aid for students and administrative cost allowances, where applicable. Federal Pell Grant awards are recognized as agency transactions and are not recorded as expenditures in the basic financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: See note regarding administrative cost allowance and indirect cost rate
The College has received a loan from the U.S. Department of Agriculture communities and facilities loan clusters. The total federal expenditures in the current year are presented in the Schedule of Expenditures of Federal Awards. The College had the following balance outstanding on the note payable as of June 30, 2024: