Title: (1) Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by Columbia College Chicago (the College) for the year ended August 31, 2024.
For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and agencies and departments of the federal government, as well as federal awards passed through other government agencies and not for profit organizations. The College did not receive any awards involving noncash assistance or federal insurance during the year ended August 31, 2024. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards are classified in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The College has a predetermined indirect cost rate agreement approved by the U.S. Department of Health and Human Services.
The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by Columbia College Chicago (the College) for the year ended August 31, 2024.
For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and agencies and departments of the federal government, as well as federal awards passed through other government agencies and not for profit organizations. The College did not receive any awards involving noncash assistance or federal insurance during the year ended August 31, 2024. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards are classified in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: (2) Federal Direct Student Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by Columbia College Chicago (the College) for the year ended August 31, 2024.
For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and agencies and departments of the federal government, as well as federal awards passed through other government agencies and not for profit organizations. The College did not receive any awards involving noncash assistance or federal insurance during the year ended August 31, 2024. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards are classified in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The College has a predetermined indirect cost rate agreement approved by the U.S. Department of Health and Human Services.
Loans made by the College to eligible students under the federal direct student loans program during the year ended August 31, 2024 are summarized as follows: (See the Notes to the SEFA for chart/table). The College is responsible only for the performance of certain administrative duties with respect to the FDL program. Accordingly, these loans are not included in its financial statements, and it is not practical to determine the balance of loans outstanding to students and former students of the College under these programs at August 31, 2024.
Title: (3) Indirect Costs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by Columbia College Chicago (the College) for the year ended August 31, 2024.
For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and agencies and departments of the federal government, as well as federal awards passed through other government agencies and not for profit organizations. The College did not receive any awards involving noncash assistance or federal insurance during the year ended August 31, 2024. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards are classified in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The College has a predetermined indirect cost rate agreement approved by the U.S. Department of Health and Human Services.
The College has a predetermined indirect cost rate agreement approved by the U.S. Department of Health and Human Services and does not use the de minimis indirect cost rate permitted under the Uniform Guidance. The College recovered approximately $91,668 in indirect costs for the year ended August 31, 2024, under federally approved indirect cost rate programs.