Notes to SEFA
Title: Note 3 - Subrecipients
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Millikin University and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and 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 financial statements. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
No amounts were provided to subrecipients during the fiscal year ended June 30, 2024.
Title: Note 4 - Loans Outstanding
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Millikin University and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and 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 financial statements. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
Millikin University had $392,003 (net of allowance of $125,000) of outstanding loan balances as of June 30, 2024 under the Federal Perkins Loan Program.
Title: Note 5 - Insurance
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Millikin University and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and 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 financial statements. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
Millikin University maintains property and liability insurance which management believes is sufficient to meet its needs. None of the insurance coverages are directly funded by Federal awards.
Title: Note 6 - Noncash assistance
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Millikin University and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and 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 financial statements. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
There was no noncash assistance received by Millikin University related to federal awards during the year ended June 30, 2024.