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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College 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 College 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 College, it is not intended to, and does not, present the
consolidated financial position, changes in net assets, or cash flows of the College.
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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The College 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Direct Student Loans Program consists of subsidized, unsubsidized, and graduate plus federal
Stafford Loans. Federal statute requires that proceeds from Stafford Loans be disbursed to the College
to be directly applied to students' accounts. New loans processed for students during the year ended
June 30, 2024 were as follows:
Program Title
Federal
Assistance
Listing
Number
Amount
Provided
Federal Direct Student Loans
Stafford
Subsidized 84.268 $ 1,406,595
Graduate Plus 84.268 1,656,376
Unsubsidized 84.268 1,731,697
$ 4,794,668
Title: Note 5 - Federal Student Loan Programs
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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Perkins federal student loan program is administered directly by the Bethany College and Affiliate,
and balances and transactions relating to this program are included in Bethany College and Affiliate's
basic consolidated financial statements. The Federal capital contributions portion of the loans
outstanding at the end of the year are included in the federal expenditures presented in the Schedule.
The total balance of Perkins loans outstanding at the end of the year totaled $778,965. There were no
new loans during the year as the program has been discontinued.
Title: Note 5 - Community Facilities Loan (USDA Loan)
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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The USDA loan included on the schedule is administered directly by the College and the balance and
transactions related to this program are included in the College's consolidated financial statements. In
accordance with the Uniform Guidance, the Schedule reflects the balance of the loan outstanding at the
beginning of the fiscal year or July 1, 2023. There were no new loans made or received during the year
ended June 30, 2024. The balance of the loan outstanding at June 30, 2024 was $34,162,325.