Title: Note 1 - Basis of Presentation
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Although the U.S. Department of Education provides an Administrative Cost Allowance as a component of the Student Financial Aid programs, there is no indirect cost rate allowed as part of these programs listed in the accompanying Schedule of Federal Assistance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal activity of SFCM and is presented on the accrual basis of accounting. 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 and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of SFCM, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SFCM.
Title: Note 2 - Summary of Significant Accounting Policies
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Although the U.S. Department of Education provides an Administrative Cost Allowance as a component of the Student Financial Aid programs, there is no indirect cost rate allowed as part of these programs listed in the accompanying Schedule of Federal Assistance.
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, and Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect Costs
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Although the U.S. Department of Education provides an Administrative Cost Allowance as a component of the Student Financial Aid programs, there is no indirect cost rate allowed as part of these programs listed in the accompanying Schedule of Federal Assistance.
Although the U.S. Department of Education provides an Administrative Cost Allowance as a component of the Student Financial Aid programs, there is no indirect cost rate allowed as part of these programs listed in the accompanying Schedule of Federal Assistance.
Title: Note 4 - Loan and Loan Guarantees
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Although the U.S. Department of Education provides an Administrative Cost Allowance as a component of the Student Financial Aid programs, there is no indirect cost rate allowed as part of these programs listed in the accompanying Schedule of Federal Assistance.
The outstanding balance at June 30, 2024 on the Perkins Loans was $429,420.