Title: FEDERAL PERKINS STUDENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Brewton‐Parker 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, Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass‐through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For purposes of the Schedule, the amount reported includes the outstanding loan balance at the beginning of the fiscal year. Due to regulation changes, no further loans can be made from the program and no administrative cost allowance can be taken from the loan fund.
Title: FEDERAL DIRECT STUDENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Brewton‐Parker 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, Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass‐through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the fiscal year ended June 30, 2024, the College processed new loans, net of origination fees, under the Federal Direct Student Loan program totaling $3,658,357. For loans processed under this program, the College is only responsible for performance of certain administrative duties, and, accordingly, these loans are not included as assets in the College’s financial statements. It is not practical to determine the balance of loans outstanding and former students of the College under the Federal Direct Student Loan program as of June 30, 2024.
Title: CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Brewton‐Parker 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, Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass‐through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Grant monies received and disbursed are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed
expenditures. Management does not believe that such disallowance, if any, would have a material effect on its financial position. As of June 30, 2024 there were no material questioned or disallowed costs as a result of the grant audits in process or completed.
Title: U.S. DEPARTMENT OF AGRICULTURE (USDA) COMMUNITY FACILITIES DIRECT LOAN
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Brewton‐Parker 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, Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass‐through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College received direct loan financing from the USDA’s Community Facilities direct loan program in the year ended June 30, 2019. The balance and transactions related to this loan are included in the College’s consolidated financial statements. The total balance of the loan outstanding under the USDA Community Facilities Loan Program at June 30, 2024 was $6,931,524.
Title: OTHER INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Brewton‐Parker 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, Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass‐through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College did not provide any federal funds to subrecipients nor did they receive any federal noncash assistance, insurance, loans, or new loan guarantees for the year ended June 30, 2024.