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 limited in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of 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.
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 allowable or are limited in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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 in reimbursement.
Title: 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 in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 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 in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year for the Perkins Loan Program were $184,265. There were no new loans disbursed during the 2023-2024 school year and cash on hand at year end totaled $28,892. Outstanding loans under the Perkins Loan Program were $133,384 as of June 30, 2024. Loans outstanding at the beginning of the year, loans made during the year and cash on hand are included in the federal expenditures presented in the schedule.
Loans outstanding at the beginning of the year for the Nursing Faculty Loan Program were $1,456,867, there was $144,599 in new loans disbursed during the 2023-2024 school year and cash on hand at year end totaled $613,709. Outstanding loans under the Nursing Faculty Loan Program were $1,412,361 as of June 30, 2024. Loans outstanding at the beginning of the year, loans made during the year and cash on hand are included in the federal expenditures presented in the schedule.