Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of College of Saint Mary and is presented 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During 2019 College of Saint Mary was approved to utilize a facilities and administrative cost rate of 31.7% on federal grants and contracts. The approved rate is valid through June 30, 2023. The College of Saint Mary has elected to not use the de minimis indirect cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 427564. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 615165.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of College of Saint Mary and is presented 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During 2019 College of Saint Mary was approved to utilize a facilities and administrative cost rate of 31.7% on federal grants and contracts. The approved rate is valid through June 30, 2023. The College of Saint Mary has elected to not use the de minimis indirect cost rate.
Of the federal expenditures presented in the schedule, the College of Saint Mary provided no federal awards to subrecipients.