Notes to SEFA
Title: 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.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE ANY COST RATE, AS FEDERAL AWARDS UNDER THE STUDENT FINANCIAL ASSISTANCE CLUSTER ARE NOT EXPENDITURE-DRIVEN.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL AWARD ACTIVITY OF HESSTON COLLEGE UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED JUNE 30, 2023. 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 HESSTON COLLEGE, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF HESSTON COLLEGE.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE ANY COST RATE, AS FEDERAL AWARDS UNDER THE STUDENT FINANCIAL ASSISTANCE CLUSTER ARE NOT EXPENDITURE-DRIVEN.
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.
Title: INDIRECT COST RATE
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.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE ANY COST RATE, AS FEDERAL AWARDS UNDER THE STUDENT FINANCIAL ASSISTANCE CLUSTER ARE NOT EXPENDITURE-DRIVEN.
HESSTON COLLEGE HAS NOT ELECTED TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
Title: FEDERAL PERKINS LOAN PROGRAM
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.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE ANY COST RATE, AS FEDERAL AWARDS UNDER THE STUDENT FINANCIAL ASSISTANCE CLUSTER ARE NOT EXPENDITURE-DRIVEN.
THE FEDERAL PERKINS LOAN PROGRAM (ASSISTANCE LISTING NUMBER 84.038) IS ADMINISTERED DIRECTLY BY HESSTON COLLEGE, AND BALANCES AND TRANSACTIONS RELATING TO THIS PROGRAM ARE INCLUDED IN THE COLLEGE'S BASIC FINANCIAL STATEMENTS. LOANS OUTSTANDING AT THE BEGINNING OF THE YEAR AND LOANS MADE DURING THE YEAR ARE INCLUDED IN THE FEDERAL EXPENDITURES PRESENTED IN THE SCHEDULE. THE BALANCE OF PERKINS LOANS OUTSTANDING AT JUNE 30, 2023 AMOUNTED TO $173,296.