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 cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the
federal award activity of the College 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 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: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The College provided no federal awards to subrecipients
Title: Processed Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The Direct Student Loans Program consists of subsidized, unsubsidized, and graduate plus federal
Stafford Loans. Federal statute requires that proceeds from Stafford Loans be disbursed to the College
to be directly applied to students' accounts. New loans processed for students during the year ended
June 30, 2023 were as follows:
Title: Federal Student Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The Perkins federal student loan program is administered directly by the Columbus College of Art and Design, and balances and transactions relating to this program are included in The Columbus College of Art and Design's basic financial statements. The Federal capital contributions portion of the loans outstanding at the end of the year are included in the federal expenditures presented in the Schedule. The total balance of Perkins loans outstanding at the end of the year totaled $394,558. There were no new loans during the year as the program has been discontinued.