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 limiated as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of Cabarrus College of Health Sciences for the year ended December 31, 2023. 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 Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the basic financial statements. Because the schedule presents only a selected portion of the operations of Cabarrus College of Health Sciences, it is not intended to and does not present the financial position, changes in net assets or cash flows of Cabarrus College of Health Sciences.
Title: Direct Loan Program
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 limiated as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The College participates in the Federal Direct Student Loan Program, which includes the Federal Subsidized Loan Program, the Federal Unsubsidized Loan Program and the Federal PLUS (Parent and Graduate) Loan Program. The Federal Direct Loan Programs require the College to request cash from the U.S. Department of Education’s grant management system (G5) and reconcile disbursements made to students using such funds. The College is responsible only for the performance of certain administrative functions with respect to the Federal Direct Loan programs and, accordingly, these loans are not included in the College’s 2023 basic financial statements as the U.S. Department of Education makes these loans. It is not practicable to determine the balance of loans outstanding to students and former students of the College under these programs at December 31, 2023.