Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The Schedule of Expenditures of Federal Awards 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.
De Minimis Rate Used: N
Rate Explanation: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes all federal grant activity for Carolina University, and is presented on the accrual basis of accounting. The information in the schedule is presented 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 for Federal Awards. Because the Schedule presents only a selected portion of the operations of Carolina University, it is not intended to be and does not present the financial position, change in net assets, or cash flows of Carolina University.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The Schedule of Expenditures of Federal Awards 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.
De Minimis Rate Used: N
Rate Explanation: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards 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.
Title: FEDERAL STUDENT LOAN PROGRAM
Accounting Policies: The Schedule of Expenditures of Federal Awards 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.
De Minimis Rate Used: N
Rate Explanation: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
As an institution that is qualified to originate Federal Direct Student Loans, the University is responsible for handling the complete loan process, including fund management as well as promissory note functions. The University is not responsible for collection of these loans. Students of the University received $2,925,190 in Federal Direct Student Loans (Assistance Listing #: 84.268) during the year ended June 30, 2024.
Title: INDIRECT COST RATE
Accounting Policies: The Schedule of Expenditures of Federal Awards 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.
De Minimis Rate Used: N
Rate Explanation: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.