Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS WERE PREPARED ON AN ACCRUAL BASIS OF ACCOUNTING. NOTE 1 TO THE FINANCIAL STATEMENTS PROVIDES ADDITIONAL INFORMATION RELATIVE TO THE UNIVERSITY'S ACCOUNTING POLICIES.
De Minimis Rate Used: N
Rate Explanation: For Title IV funds, the Administrative Cost Allowance, as defined through the FISAP, is used to determine the cost rate for applicable grants.
THE SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS WERE PREPARED ON AN ACCRUAL BASIS OF ACCOUNTING. NOTE 1 TO THE FINANCIAL STATEMENTS PROVIDES ADDITIONAL INFORMATION RELATIVE TO THE UNIVERSITY'S ACCOUNTING POLICIES
Title: THE SCHEDULES
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS WERE PREPARED ON AN ACCRUAL BASIS OF ACCOUNTING. NOTE 1 TO THE FINANCIAL STATEMENTS PROVIDES ADDITIONAL INFORMATION RELATIVE TO THE UNIVERSITY'S ACCOUNTING POLICIES.
De Minimis Rate Used: N
Rate Explanation: For Title IV funds, the Administrative Cost Allowance, as defined through the FISAP, is used to determine the cost rate for applicable grants.
THE SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULES) INCLUDE THE FEDERAL AWARD ACTIVITY OF LOUISIANA CHRISTIAN UNIVERSITY UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEARS ENDED JULY 31, 2024 AND 2023. THE INFORMATION IN THESE SCHEDULES IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2 OF THE U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE). BECAUSE THE SCHEDULES PRESENT ONLY A SELECTED PORTION OF THE OPERATIONS OF LOUISIANA CHRISTIAN UNIVERSITY, THEY ARE NOT INTENDED TO AND DO NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF LOUISIANA CHRISTIAN UNIVERSITY.
Title: COST RATE
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS WERE PREPARED ON AN ACCRUAL BASIS OF ACCOUNTING. NOTE 1 TO THE FINANCIAL STATEMENTS PROVIDES ADDITIONAL INFORMATION RELATIVE TO THE UNIVERSITY'S ACCOUNTING POLICIES.
De Minimis Rate Used: N
Rate Explanation: For Title IV funds, the Administrative Cost Allowance, as defined through the FISAP, is used to determine the cost rate for applicable grants.
LOUISIANA CHRISTIAN UNIVERSITY DID NOT ELECT TO USE THE TEN PERCENT (10%) DE MINIMUS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
Title: SUBRECIPIENTS
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS WERE PREPARED ON AN ACCRUAL BASIS OF ACCOUNTING. NOTE 1 TO THE FINANCIAL STATEMENTS PROVIDES ADDITIONAL INFORMATION RELATIVE TO THE UNIVERSITY'S ACCOUNTING POLICIES.
De Minimis Rate Used: N
Rate Explanation: For Title IV funds, the Administrative Cost Allowance, as defined through the FISAP, is used to determine the cost rate for applicable grants.
NO FEDERAL FUNDS WERE AWARDED TO SUBRECIPIENTS DURING THE YEARS ENDED JULY 31, 2024 OR 2023.