Notes to SEFA
Accounting Policies: The schedule of expenditures of Federal awards of National University of Natural Medicine has been prepared using the accrual basis of accounting in accordance with GAAP. 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). The University also coordinates a guaranteed student loan program funded by the U.S. Department of Education. The amount reported on the schedule of expenditures of Federal awards represents total loans received by students of the institution under the program. Because the schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. Pass-through entity identifying numbers (if applicable) are presented when available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.