Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Goldey-Beacom College (the College). 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.
Expenditures reported on the Schedule are reported on the accrual or modified 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. Pass-through entity identifying numbers are presented where available.
The College has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal awards expenditures include loans administered under the Federal Direct Student Loan Program disbursed during the year ended June 30, 2025. Total loans granted under the Federal Direct Student Loan Program, which were not made by the College but were received by its students, were $3,303,476 for the year ended June 30, 2025.