Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lancaster Bible College (the College) and is presented on the accrual basis of accounting. The information in these schedules 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. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: Y
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College did not pass any awards through to subrecipients.