Notes to SEFA
Accounting Policies: BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Center and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the combined financial statements.The above amount, reported as Student Financial Assistance Programs Federal Direct Student Loans, corresponds to the proceeds granted to students under the Federal Direct Loan Program. Accordingly, this amount is not reported in the Statement of Activities of the Center.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.