Title: 3 - FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: 1 - BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Anna Maria College (the College) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in the 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 financial position, changes in net assets, or cash flows of the College.
For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the College and departments of the federal government.
2 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
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 or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Both
Rate Explanation: The College has elected to use the 10% de minimis indirect cost rate for certain federal awards received from the U.S. Department of Justice, as per 2 CFR 200.414(f). Federal awards from the Department of Education and U.S. Department of Health and Human Services, for which the College has a negotiated indirect cost rate, are not utilizing the de minimis rate.
The federal student loan programs listed subsequently are administered directly by the College, and balances and transactions relating to these programs are included in the College’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2024 consists of: See the Notes to the SEFA for chart/table
Title: 3 - FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: 1 - BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Anna Maria College (the College) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in the 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 financial position, changes in net assets, or cash flows of the College.
For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the College and departments of the federal government.
2 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
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 or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Both
Rate Explanation: The College has elected to use the 10% de minimis indirect cost rate for certain federal awards received from the U.S. Department of Justice, as per 2 CFR 200.414(f). Federal awards from the Department of Education and U.S. Department of Health and Human Services, for which the College has a negotiated indirect cost rate, are not utilizing the de minimis rate.
Federally-guaranteed loans issued to students of the College during the year ended June 30, 2024 are summarized as follows: See the Notes to the SEFA for chart/table
The College is only responsible for the performance of certain administrative duties with respect to federally-guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in the College’s general purpose financial statements. It is not practical to determine the balance of loans outstanding to students and former students of the College at June 30, 2024.
Title: 4 - ADMINISTRATIVE COST ALLOWANCES
Accounting Policies: 1 - BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Anna Maria College (the College) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in the 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 financial position, changes in net assets, or cash flows of the College.
For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the College and departments of the federal government.
2 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
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 or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Both
Rate Explanation: The College has elected to use the 10% de minimis indirect cost rate for certain federal awards received from the U.S. Department of Justice, as per 2 CFR 200.414(f). Federal awards from the Department of Education and U.S. Department of Health and Human Services, for which the College has a negotiated indirect cost rate, are not utilizing the de minimis rate.
The Student Financial Aid Administrative Cost Allowances for the year ended June 30, 2024 are as follows: See the Notes to the SEFA for chart/table