Notes to SEFA
Title: Note 1. 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.
De Minimis Rate Used: N
Rate Explanation: Kansas City University has applied indirect cost rates to awards based on approved applicable rates. Kansas City University has elected not to charge a de minimis rate of 10% of the modified total direct rates.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Kansas City 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 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 Kansas City University, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of Kansas City University.
Title: Note 2. Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: Kansas City University has applied indirect cost rates to awards based on approved applicable rates. Kansas City University has elected not to charge a de minimis rate of 10% of the modified total direct rates.
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: Note 3. Indirect Cost Rate
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.
De Minimis Rate Used: N
Rate Explanation: Kansas City University has applied indirect cost rates to awards based on approved applicable rates. Kansas City University has elected not to charge a de minimis rate of 10% of the modified total direct rates.
Kansas City University has applied indirect cost rates to awards based on approved applicable rates. Kansas City University has elected not to charge a de minimis rate of 10% of the modified total direct rates.
Title: Note 4. 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.
De Minimis Rate Used: N
Rate Explanation: Kansas City University has applied indirect cost rates to awards based on approved applicable rates. Kansas City University has elected not to charge a de minimis rate of 10% of the modified total direct rates.
The federal loan program listed subsequently is administered directly by Kansas City University, and balances and transactions relating to this program are included in Kansas City University’s basic consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding on June 30, 2024, consists of:
Federal Assistance Listing Number: 93.342
Program Name: Health Professions Student Loans/Primary Care Loans
Outstanding Balance at June 30, 2024: $ 1,665,284