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 allowed or are limited as to reimbursement. Faith Evangelical Lutheran Seminary dba Faith International University has elected not to use the 10% de minimis cost rate as allowed under Uniform Guidance. Amounts reported in the Schedule agree in all material respects with the amounts reported in the related federal financial reports.
De Minimis Rate Used: N
Rate Explanation: Not applicable for these programs.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Faith Evangelical Lutheran Seminary dba Faith International University (Institution) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Institution, it is not intended to, and does not, present the statement of financial position, activities, or cash flows of the Institution.
Title: 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 allowed or are limited as to reimbursement. Faith Evangelical Lutheran Seminary dba Faith International University has elected not to use the 10% de minimis cost rate as allowed under Uniform Guidance. Amounts reported in the Schedule agree in all material respects with the amounts reported in the related federal financial reports.
De Minimis Rate Used: N
Rate Explanation: Not applicable for these programs.
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 allowed or are limited as to reimbursement. Faith Evangelical Lutheran Seminary dba Faith International University has elected not to use the 10% de minimis cost rate as allowed under Uniform Guidance. Amounts reported in the Schedule agree in all material respects with the amounts reported in the related federal financial reports.
Title: Refunds and Net Draws
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 allowed or are limited as to reimbursement. Faith Evangelical Lutheran Seminary dba Faith International University has elected not to use the 10% de minimis cost rate as allowed under Uniform Guidance. Amounts reported in the Schedule agree in all material respects with the amounts reported in the related federal financial reports.
De Minimis Rate Used: N
Rate Explanation: Not applicable for these programs.
Funds returned for Federal Pell Grants of $12,374 resulted in net draws of $651,152. Funds returned for Federal Direct Student Loans of $25,123 resulted in net draws of $1,679,235.