Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of Pacific Rim Christian University under programs of the federal government for theyear ended June 30, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Pacific Rim ChristianUniversity, it is not intended to and does not present the financial position, changes in net assets, orcash flows. The expenditures reported on the schedule of expenditures of federal awards are reported on theaccrual basis of accounting. Such expenditures are recognized following the cost principles containedin Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards, wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.