Notes to SEFA
Title: Note 2. Federal Direct Student Loans Program
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Lubbock Christian University (the University) and is presented on the accrual basis of accounting. 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 (the Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Direct Student Loans Program is administered by the University. Loans made during the year are included in the Schedule of Expenditures of Federal Awards. During the year ending June 30, 2024, the University processed Federal Direct Student Loans totaling $9,343,122.