Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the schedule of expenditures of federal awards 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. Lincoln Christian University has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Lincoln Christian University has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lincoln Christian University under programs of the federal government for the year ended May 31, 2022. The information in this schedule is presented in accordance with the requirements of 2 CFR 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 Lincoln Christian University, it is not intended to and does not present the financial position, changes in net assets, or cash flows Lincoln Christian University.
Title: NOTE 3 FEDERAL STUDENT LOAN PROGRAM
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the schedule of expenditures of federal awards 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. Lincoln Christian University has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Lincoln Christian University has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal student loan programs listed subsequently are administered directly by Lincoln, and balances and transactions relating to these programs are included in Lincoln Christian Universitys 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 of expenditures of federal awards. The balance of loans outstanding at May 31, 2022 consists of the Federal Perkins Loan Program (ALN 84.038) of $446,955.
Title: NOTE 4 ADDITIONAL INFORMATION
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the schedule of expenditures of federal awards 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. Lincoln Christian University has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Lincoln Christian University has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
As of and during the year ended May 31, 2022, the University did not receive any noncash federal assistance, federal insurance, or federal loans or loan guarantees.