Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Basis of Accounting – 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.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate – The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of Meredith College 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Title: Note 3—Federal direct student loans
Accounting Policies: Basis of Accounting – 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.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate – The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal Direct Student Loans of $10,158,701 were received by students of Meredith College during the year ended June 30, 2023. The components at June 30, 2023 are as follows: See notes to SEFSA for chart / table.
Title: Note 5—Higher Education Emergency Relief Fund (HEERF)
Accounting Policies: Basis of Accounting – 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.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate – The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The College received funding through the Higher Education Emergency Relief Fund in the amount of $1,429,354 during the year ended June 30, 2023. The components at June 30, 2023 are as follows: See notes to SEFSA for chart / table.