Notes to SEFA
Title: Note 2
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Perkins loans outstanding at June 30, 2022 totaled $200,377.
Title: Note 3
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule include negative expenditures. These amounts represent funds returned to program years outside of the current program year.