Notes to SEFA
Title: Definition of Reporting Entity
Accounting Policies: The Schedule is presented on an accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying supplementary schedule of expenditures of federal awards (the Schedule) presents all expenditures of federal award programs of The American College of Greece (the College) during the year ended June 30, 2022.
Title: Federal Direct Loan Program
Accounting Policies: The Schedule is presented on an accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2022, the College processed $450,723 in new loans under the Federal Direct Loan Program. With respect to this program, the College is responsible only for the performance of certain administrative duties as part of the initial disbursement of the loans and accordingly, these loans are not included in the College's financial statements. It is not practical to determine the balances of loans outstanding to students of the College under this program at June 30, 2022.