Notes to SEFA
Title: (1) Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on acrual 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.
De Minimis Rate Used: N
Rate Explanation: Thomas Aquinas College had elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of Thomas Aquinas 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 the 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 Thomas Aquinas College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Thomas Aquinas College.
Title: (2) Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on acrual 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.
De Minimis Rate Used: N
Rate Explanation: Thomas Aquinas College had elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 or are limited as to reimbursement.
Title: (3) Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on acrual 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.
De Minimis Rate Used: N
Rate Explanation: Thomas Aquinas College had elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Thomas Aquinas has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: (4) Relationship to Federal Financial Reports
Accounting Policies: Expenditures reported on the Schedule are reported on acrual 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.
De Minimis Rate Used: N
Rate Explanation: Thomas Aquinas College had elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the Schedule agree in all material respects with the amounts reported in the related federal financial reports.