Notes to SEFA
Title: Note 4 - Federal Student Loan Programs:
Accounting Policies: Note 2 - Summary of Significant Accounting Policies: Expenditures reported 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.
De Minimis Rate Used: N
Rate Explanation: Note 3 - Indirect Cost Rate: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal student loan programs listed subsequently are administered directly by the University and balances and transactions relating to these programs are included in the Universitys consolidated financial statements. The balances of loans outstanding at the beginning of the year and new loans awarded during the year are included in the federal expenditures presented in the Schedule. The activity of the loan balances for the year ended June 30, 2022, is as follows: (See Notes to SEFA - Note 4 - Federal Student Loan Programs, for included table).
Title: Note 1 - Basis of Presentation:
Accounting Policies: Note 2 - Summary of Significant Accounting Policies: Expenditures reported 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.
De Minimis Rate Used: N
Rate Explanation: Note 3 - Indirect Cost Rate: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes federal award activity of Marshall B. Ketchum University and Subsidiary (the University) 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 this Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the University.