Notes to SEFA
Title: Note A – Basis of Presentation
Accounting Policies: Note B – Significant Accounting Policies
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Note C – Indirect Cost Rate
The University of Jamestown does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the University of Jamestown (the organization) under programs of the federal government for the year ended June 30, 2023. The information 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 schedule presents only a selected portion of the operations of the University of Jamestown, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the University of Jamestown.
Title: Note D – Federal Student Loan Program
Accounting Policies: Note B – Significant Accounting Policies
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Note C – Indirect Cost Rate
The University of Jamestown does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The federal student loan program, the Perkins Loan Program (84.038), is administered by the University of Jamestown and the balance and transactions related to this program are included in the University of Jamestown’s basic consolidated financial statements. At June 30, 2023, the loans receivable balance for the program totaled $246,067. There were no program disbursements under the program for the year ended June 30, 2023.
Title: Note E – Loan Programs – Community Facilities Loans and Grants Cluster
Accounting Policies: Note B – Significant Accounting Policies
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Note C – Indirect Cost Rate
The University of Jamestown does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
Expenditures reported in this schedule consist of the beginning of the year outstanding loan balance plus advances made on the loan during the year. The outstanding balance at June 30, 2023, was $17,118,656.