Notes to SEFA
Title: NOTE 1 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 in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Cleveland Institute of Art has elected not to use the 10 percent de minimis 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 Cleveland Insitute of Art 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of The Cleveland Institute of Art, it is not intended to and does not present the financial position, changes in net assets or cash flows of The Cleveland Institute of Art.
Title: NOTE 4 FEDERAL PERKINS LOAN PROGRAM
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 in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Cleveland Institute of Art has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The amount presented as Perkins loan fund expenditures includes outstanding loan balances at the beginning of the year, loans made during the year and cash balances at June 30, 2023. The balance of loans outstanding at June 30, 2023 was $820,784.