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 percent de minimum 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 Catawba College (the "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 (CFR) 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 financial position, changes in net assets, or cash flows of the College.
Title: Note 3—Federal Direct Student Loans Program
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 percent de minimum indirect cost rate as allowed under the Uniform Guidance.
During the fiscal year ended May 31, 2024, the College processed $6,210,644 of new loans under the Federal Direct Student Loans program (CFDA #84.268). The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans program and, accordingly, these loans are not included on the College’s financial statements; furthermore, it is not practical to determine the balance of loans outstanding to students and former students of the College under these programs at May 31, 2024.