Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Southwestern College (the College) and is presented on the accrual basis of accounting and 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 of Federal Awards (Uniform Guidance). The Direct Loan Program offers subsidized or unsubsidized Stafford loans to students to pay for the cost of attending a postsecondary educational institution. These loans are not reflected on the financial books of Southwestern College
De Minimis Rate Used: N
Rate Explanation: The College elected not to use the 10% de minimis indirect cost rate.