Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.
The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to 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 Organization 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 Organization, it is not intended to, and does not, present the
financial position, changes in net assets, or cash flows of the Organization.
Title: Note 3 - Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.
The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Organization provided no federal awards to subrecipients.
Title: Note 4 - Processed Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.
The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Federal Direct Student Loan Program consists of subsidized and unsubsidized Federal Loans and
Federal PLUS Loans. Federal statute requires that proceeds from Federal Direct Loans be disbursed to
the Organization to be directly applied to students’ accounts. New loans processed for students during the
year ended June 30, 2024 were as follows:
Program Title
Subsidized $ 383,253
Unsubsidized 369,922
PLUS 90,017
$ 843,192
See