Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Basis of Accounting – 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.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate – The University has elected not to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of The University of the South (the “University”) and is presented on the accrual basis of accounting.
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”). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Title: Note 3 - Federal Perkins Loan Program
Accounting Policies: Basis of Accounting – 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.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate – The University has elected not to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
The Federal Perkins Loan Program is administered directly by the University. Balances and transactions relating to this program are included in the University’s consolidated financial statements. In accordance with the Federal Perkins Loans closing guidelines, no new loans are allowed, and no new loans were disbursed by the University for the year ended June 30, 2023. See Notes to the SEFA for Chart/Table. Under the Perkins Loan Program, cash on hand at June 30, 2023 was $103,968.
Title: Note 4 - Federal Direct Student Loan Program
Accounting Policies: Basis of Accounting – 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.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate – The University has elected not to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
During the fiscal year ended June 30, 2023, the University processed $6,163,933 of new loans under the Federal Direct Student Loans program (assistance listing number 84.268). The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans program and, accordingly, these loans are not included on the University’s consolidated financial statements; furthermore, it is not practical to determine the balance of loans outstanding to students and former students of the University under these programs at June 30, 2023.