Notes to SEFA
Title: Relationship to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state grant activity of Bennett College (the College) under programs of the federal and state governments for the year ended June 30, 2022. The information in the 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 (the Uniform Guidance) and the North Carolina State Education Assistance Authority. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures in 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. If the College is required to match certain federal assistance, as defined by the grant agreements, no such matching has been included as expenditures in the Schedule.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The amount of total expenditures of federal and state awards reconciles to the revenue in the statement of activities as follows:Total expenditures of federal and state award$ 12,241,875Less:Federal Direct Student Loan Program(1,541,319)Federal Pell Grants (793,223)Student state financial aid (414,900)Other reconciling items (139,210)Government grants per statement of activities $ 9,353,223
Title: 4.SUBRECIPIENTS, NON-CASH ASSISTANCE, FEDERAL INSURANCE, LOANS, AND LOAN G
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state grant activity of Bennett College (the College) under programs of the federal and state governments for the year ended June 30, 2022. The information in the 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 (the Uniform Guidance) and the North Carolina State Education Assistance Authority. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures in 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. If the College is required to match certain federal assistance, as defined by the grant agreements, no such matching has been included as expenditures in the Schedule.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The College did not provide any federal funds to subrecipients, nor did they receive any federal non-cash assistance, insurance, or loan guarantees.