Title: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) has been prepared on the accrual basis of accounting and in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Assistance listing numbers and pass-through entity identifying numbers are presented where available. The purpose of the Schedule is to present a summary of those activities of the Institute for the year ended June 30, 2023, which have been financed by the U.S. government. For purposes of the Schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because the Schedule presents only a selected portion of the activities of the Institute, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the Institute and may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, the Institute did not elect to utilize the 10% federal minimum indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) has been prepared on the accrual basis of accounting and in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Assistance listing numbers and pass-through entity identifying numbers are presented where available. The purpose of the Schedule is to present a summary of those activities of
the Institute for the year ended June 30, 2023, which have been financed by the U.S. government. For purposes of the Schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because the Schedule presents only a selected portion of the activities of the Institute, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the Institute and may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, the Institute did not elect to utilize the 10% federal minimum indirect cost rate.
Title: FEDERAL DIRECT STUDENT LOAN PROGRAM
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) has been prepared on the accrual basis of accounting and in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Assistance listing numbers and pass-through entity identifying numbers are presented where available. The purpose of the Schedule is to present a summary of those activities of the Institute for the year ended June 30, 2023, which have been financed by the U.S. government. For purposes of the Schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because the Schedule presents only a selected portion of the activities of the Institute, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the Institute and may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, the Institute did not elect to utilize the 10% federal minimum indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
With respect to the Federal Direct Student Loan Program, Assistance Listing No. 84.268, the Institute is only responsible for the performance of certain administrative duties; therefore, the transactions and the
balances of loans outstanding related to this program are not included in the Institute’s financial statements. The Schedule includes the amounts loaned to students during the year ended June 30, 2023. It is not practical to estimate the outstanding balance of loans under this program. During the year ended June 30, 2023, the Institute processed $144,022,391 of new loans under the Federal
Direct Student Loan Program (“Direct Loan Program”). The Institute is responsible only for the performance of certain administrative duties with respect to the Direct Loan Program and, accordingly, the value of these
loans is not reflected in the Institute's basic financial statements. As such, it is not practical to determine the balance of loans outstanding to students of the Institute under this program as of June 30, 2023.
Title: OTHER LOAN PROGRAMS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) has been prepared on the accrual basis of accounting and in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Assistance listing numbers and pass-through entity identifying numbers are presented where available. The purpose of the Schedule is to present a summary of those activities of the Institute for the year ended June 30, 2023, which have been financed by the U.S. government. For purposes of the Schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because the Schedule presents only a selected portion of the activities of the Institute, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the Institute and may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, the Institute did not elect to utilize the 10% federal minimum indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
The College extends loans through revolving funds originally funded by the federal government, with principal and interest relating to outstanding loans being paid back to the College. At June 30, 2023, loan activities and balances consisted of the following: Perkins loan cancellations (Assistance Listing No. 84.038) amounted to $5,467 for the year ended June 30, 2023. The administrative cost allowances for the Federal Work Study Program and the Federal Supplemental Equal Opportunity Grant Program have been included in the Schedule. The administrative cost allowance for each of these programs for the year ended June 30, 2023 was $41,245 and $62,147, respectively.
Title: OFFICIAL FEDERAL AGENCY NAMES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) has been prepared on the accrual basis of accounting and in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Assistance listing numbers and pass-through entity identifying numbers are presented where available. The purpose of the Schedule is to present a summary of those activities of the Institute for the year ended June 30, 2023, which have been financed by the U.S. government. For purposes of the Schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because the Schedule presents only a selected portion of the activities of the Institute, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the Institute and may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, the Institute did not elect to utilize the 10% federal minimum indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
Full names of the sponsoring agencies included on the accompanying schedule are as follows:
ED
Department of Education
DHHS
Department of Health and Human Services
NSF
National Science Foundation
NIH
National Institutes of Health
NASA
National Aeronautics and Space Administration
NRL
Naval Research Laboratory
DOL
Department of Labor
ARO
Army Research Office
USAF
United States Air Force
DOD
Department of Defense
USDA
Department of Agriculture
NSA National
Security Agency