Notes to SEFA
Title: Student Financial Aid and Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the expenditures of all federal awards programs of Saint Vincent College Corporation (the Corporation) using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The total loans granted under the Federal Direct Student Loan Program, which were not made by the Corporation but were received by its students, were approximately $13,188,000 for the year ended June 30, 2022.The total loans outstanding under the Federal Perkins Loan Program at June 30, 2022 were approximately $489,000. Federal awards expenditures include loans administered under the Federal Direct Student Loan Program during the year ended June 30, 2022 and Federal Perkins Loans outstanding as of the beginning of the year and loans awarded during the year ended June 30, 2022.
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the expenditures of all federal awards programs of Saint Vincent College Corporation (the Corporation) using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The information in the 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.