Notes to SEFA
Title: 4. FEDERAL STUDENT LOAN PROGRAMS:
Accounting Policies: 1. BASIS OF PRESENTATION:The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Antioch College Corporation (the College) under programs of the federal government for the year ended June 30, 2022. 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 Schedulepresents 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.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College did not passthrough any federal awards to subrecipients during the year ended June 30, 2022.Expenditures for Federal student financial aid programs are recognized as incurred and include Pell program grants to students and administrative cost allowances, where applicable.
De Minimis Rate Used: N
Rate Explanation: 3. INDIRECT COST RATE:The College has elected not to use the 10-percent de minimis indirect cost rate allowed under theUniform Guidance.
The College also makes loans to certain eligible students under Federal student loan programs directly through the U.S. Department of Education; however, only the current loan disbursements under the Direct Loan Program are included in the Schedule of Expenditures of Federal Awards, as the related outstanding loan balances are not included as current federal expenditures, as set forth by the Uniform Guidance.