Notes to SEFA
Title: Federal Perkins Loan Program
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the UniformGuidance.
The Federal Perkins Loan Program is administered directly by the College, and balances and transactions relating to this program are included in the College's basic financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Federal Perkins loans outstanding at April 30, 2022 totaled $4,247,914.
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the UniformGuidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes federal award activity of Concordia College under programs of the federal government for the year ended April 30, 2022. 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 the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.
Title: Pass-Through Entity Identification Numbers
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the UniformGuidance.
Three of the programs, grants, and/or awards included in the schedule of expenditures of federal awards are missing the pass-through entity identification numbers. The missing numbers are due to the pass-through entities not providing the pass-through entity identification numbers.