Notes to SEFA
Title: 1. BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
grant activity of Alabama State University (the University) 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 (the Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The University did not elect to charge a de minimis rate of 10% for all federal awards.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
grant activity of Alabama State University (the University) 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 (the Uniform Guidance).
Title: 2. LOANS OUTSTANDING
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
grant activity of Alabama State University (the University) 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 (the Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The University did not elect to charge a de minimis rate of 10% for all federal awards.
The University administers the Perkins Loan Program. For purposes of this schedule, the amount
reported includes the outstanding loan balance at the beginning of the fiscal year. Due to regulation
changes, no further loans can be made from the program. The University plans to liquidate the
program and continues to collect on outstanding loan balances and return excess cash on hand
from the program to the Department of Education. The University had the following loan balances
outstanding at September 30, 2024:
Student loans receivable, September 30, 2023 $ -
Funds advanced to students -
Less:
Loans assigned to U.S. Government (794,350)
Principal collected 92,471
Principal cancellations 701,879
Student loans receivable, September 30, 2024 $ -
Title: 3. INDIRECT COST RATES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
grant activity of Alabama State University (the University) 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 (the Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The University did not elect to charge a de minimis rate of 10% for all federal awards.
The University did not elect to charge a de minimis rate of 10% for all federal awards.