Notes to SEFA
Title: LOAN PROGRAMS:
Accounting Policies: BASIS OF PRESENTATION: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) for the year ended December 31, 2024 includes the federal financial assistance transactions of Brigham Young University-Idaho (the University) recorded on the accrual basis of accounting. Funds derived from federal grants may be used only to meet current expenditures for the purposes specifically identified by the sponsoring agencies. The information in the Schedule is presented in accordance with the requirements of OMB Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The University applies it predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as descripbed in Section 200.414 of the Uniform Guidance.
During the year ended December 31, 2024, the University issued loans under the Federal Direct Student Loans program, which includes Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans, which are included in the Schedule. The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans program and accordingly, these loans are not included in the University's financial statements. It is not practical to determine the balance of loans outstanding under these programs as of December 31, 2024.