Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. The Foundation and College have elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Palmer College Foundation and Palmer College of Chiropractic - West under programs of the federal government for the year ended June 30, 2023. 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 the Schedule presents only a selected portion of the operations of Palmer College Foundation and Palmer College of Chiropractic - West, it is not intended to and does not present the financial position, changes in net assets or cash flows of Palmer College Foundation and Palmer College of Chiropractic - West.
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. The Foundation and College have elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balance outstanding at the end of the audit period were $2,077,329.
Title: Loans outstanding
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. The Foundation and College have elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the fiscal year ended June 30, 2023 the Foundation and College issued new loans to students under the Federal Direct Student Loan Program (FDLP). The loan program includes subsidized and unsubsidized Stafford Loans, Parent PLUS Loans and PLUS Loans for students. The value of loans issued for the FDLP is based on disbursed amounts. The loan amounts issued during the year are disclosed on the Schedule. The Foundation and College are responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in the Foundation and Colleges financial statements. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of the Foundation and College at June 30, 2023.In addition, the Foundation and College participate in the Federal Perkins Loan Program through the Department of Education. This loan program is directly administered by the Foundation and College and no new loans are allowed to be issued, therefore, the collections received on past loans including interest will be held until the liquidation process occurs and the final federal share of the remaining Federal Perkins Loan Program cash is remitted to the Department of Education. The beginning balance on these loans is disclosed in the Schedule. The outstanding balance at June 30, 2023 was $2,077,329. There were no new loans issued through the Federal Perkins Program during the year ended June 30, 2023