Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES FOR FEDERAL STUDENT FINANCIAL AID PROGRAMS ARE RECOGNIZED AS INCURRED AND INCLUDE THE FEDERAL SHARE OF STUDENTS'FWS PROGRAM EARNINGS.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PRESENTED USING THE CASH BASIS OF ACCOUNTING. THE INFORMATION IS PRESENTED IN ACCORDANCE WITH TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: EXPENDITURES FOR FEDERAL STUDENT FINANCIAL AID PROGRAMS ARE RECOGNIZED AS INCURRED AND INCLUDE THE FEDERAL SHARE OF STUDENTS'FWS PROGRAM EARNINGS.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
EXPENDITURES FOR FEDERAL STUDENT FINANCIAL AID PROGRAMS ARE RECOGNIZED AS INCURRED AND INCLUDE THE FEDERAL SHARE OF STUDENTS'FWS PROGRAM EARNINGS.
Title: FEDERAL DIRECT LOAN PROGRAM
Accounting Policies: EXPENDITURES FOR FEDERAL STUDENT FINANCIAL AID PROGRAMS ARE RECOGNIZED AS INCURRED AND INCLUDE THE FEDERAL SHARE OF STUDENTS'FWS PROGRAM EARNINGS.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
THE SCHOOL IS RESPONSIBLE ONLY FOR THE PERFORMANCE OF CERTAIN ADMINISTRATIVE DUTIES WITH RESPECT TO ITS FEDERAL DIRECT LOAN PROGRAM, AND ACCORDINGLY, THESE LOANS ARE NOT INCLUDED IN ITS FINANCIAL STATEMENTS. IT IS NOT PRACTICABLE TO DETERMINE THE BALANCE OF LOANS OUTSTANDING TO STUDENTS AND FORMER STUDENTS OF THE SCHOOL UNDER THESE PROGRAMS AS OF JUNE 30, 2024.