Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of William Carey University (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.
De Minimis Rate Used: N
Rate Explanation: The University prepares an indirect cost rate proposal as needed subject to approval by the United States Department of Health and Human Services. For the year ended June 30, 2023, the approved final indirect cost rate for federally funded programs was 28.99% based upon the most recent Certificate of Indirect Cost dated November 26, 2019. The approved rate contained in the most recent Certificate of Indirect Cost is approved to be used through June 30, 2023.
The University had the following loan balances outstanding at June 30, 2023. These loan balances outstanding are also included in the federal expenditures presented in the schedule (Federal Perkins Loan Program, CFDA# 84.038, $58,437). See notes to the schedule of expenditures of federal awards for table. During the year ended June 30, 2023, there were no disbursements for new loans and miscellaneous expenses totaled $7,279 for the Federal Perkins Loan Program.
Title: Federal Pell Grant
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of William Carey University (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.
De Minimis Rate Used: N
Rate Explanation: The University prepares an indirect cost rate proposal as needed subject to approval by the United States Department of Health and Human Services. For the year ended June 30, 2023, the approved final indirect cost rate for federally funded programs was 28.99% based upon the most recent Certificate of Indirect Cost dated November 26, 2019. The approved rate contained in the most recent Certificate of Indirect Cost is approved to be used through June 30, 2023.
During the year ended June 30,2023,expenditures for the Federal Pell Grant Program totaled $4,757,347,of which $4,747,347 was disbursed to students.