Notes to SEFA
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. ***Note 2 in Final Report***
De Minimis Rate Used: N
Rate Explanation: Eureka College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. ***Note 3 in Final Report***
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Eureka College (the College) under programs of the federal government for the year ended June 30, 2022. 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 Eureka College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Eureka College. No funds were identified as having been provided to subrecipients by Eureka College, and accordingly, no funds identified in the Schedule are attributable to subrecipient entities. There were no federal awards expended for non-cash assistance or insurance during the year ended June 30, 2022.
Title: Note 4.Federal Student Loan Programs
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. ***Note 2 in Final Report***
De Minimis Rate Used: N
Rate Explanation: Eureka College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. ***Note 3 in Final Report***
Eureka College had $111,750 of outstanding loan balances as of June 30, 2022, under the Federal Perkins Loan Program. During the fiscal year ended June 30, 2022, the College issued new loans to students under the Federal Direct Student Loan Program (FDLP). The loan program includes subsidized and unsubsidized Stafford Loans and Parent PLUS loans. The value of loans issued for the FDLP is based on disbursed amounts. The loan amounts issued during the year are disclosed on the Schedule. The College is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in the Colleges basic financial statements. Therefore, it is not practicable to determine the balance of loans outstanding made to students and former students of the College at June 30, 2022.