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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
During the year ending June 30, 2023, the College did not pass through amounts to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The purpose of the schedule of expenditures of federal awards (the Schedule) is to present a summary of those activities of Crown College that have been financed by the United States government. Federal awards received directly from federal agencies are included in the Schedule.
Additionally, all federal awards passed through from other entities have been included on the Schedule. Although the College is required to match certain grants, as defined in the grants, no such matching is included in the Schedule.
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, statement of activities, or cash flows of Crown College.
Title: FEDERAL LOAN PROGRAMS
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.
During the year ending June 30, 2023, the College did not pass through amounts to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The College administers the Perkins Loan Program (ALN 84.038) with an outstanding balance at June 30, 2023 of $185,656.