Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: Y
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Rockford University (the University) 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 University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
Title: Summary of Significant Accounting Policies
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: Y
Rate Explanation: N/A
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 as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: Y
Rate Explanation: N/A
The University has elected to use the 10% de minimis indirect cost rate.
Title: Loan and Loan Guarantee Programs
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: Y
Rate Explanation: N/A
The Federal Perkins Loan Program is administered directly by the University, and balances and transactions relating to this program are included in the University’s basic financial statements. Loans outstanding at the beginning of year and loans made during the year are included in the federal expenditures presented in the Schedule. Federal Perkins loans outstanding at June 30, 2024 totaled $282,197.