Title: Note A-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 Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal
grant activity of the Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R., 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards, Audits of States, Local Governments, and Non-Profit
Organizations. Because this schedule presents only a selected portion of the operation of the Spanish
American Basic Education and Rehabilitation, Inc. S.A.B.E.R., it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the Spanish American Basic
Education and Rehabilitation, Inc. S.A.B.E.R.
Title: Note D- Federal Student Loan Programs
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 Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal student loans processed during the fiscal year ended June 30, 2023 are as follows:
Title: Note E- Federal student Loan Programs
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 Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The transactions are between the students and an outside third party, under the Federal Family Loan
Program, which includes subsidized Stafford Loans, Parent’s Plus Loans for Undergraduate
Students, and unsubsidized Stafford Loan, SABER College is responsible only for the performance
of certain administrative duties with respect to these loans and, accordingly balances and
transactions related to this loan program are not included in SABER’s financial statements. The
third-party provider of the loans owns the asset, not SABER. Therefore, SABER does not carry on
its statement of financial position the balance of loans outstanding made by third parties to students
and former students of SABER as of June 30, 2023.
Title: Note F- Contingencies
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 Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The grant revenue amounts received are subject to audit and adjustment. If any expenditure is
disallowed by the grant agencies as a result of such an audit, any claim of reimbursement to the
grantor agencies would become liability of SABER. In the opinion of management, all grant
expenditures are in compliance with the terms of the grant agreements, and applicable federal laws
and regulations.
Title: Note G - HEERF Programs (Student and Institutional Portions)
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 Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was passed by Congress
and signed by President Donald Trump on March 27th, 2020. This bill allotted $2.2 trillion to
provide fast and direct economic aid to the American people negatively impacted by the COVID-19
pandemic. Of that money, approximately $14 billion was given to the Office of Postsecondary
Education as the Higher Education Emergency Relief Fund (the “HEERF”). HEERF provides for
emergency funds to assist institutions and students due to the disruption in education caused by
COVID-19. The Institution was allocated $163,357 in HEERF fund which was allocated for direct
student payments. The Institution has one year to utilize the funds from the date of the Agreement.
Student Portion
The Institution received $163,357 as an allotment for direct student payments. The student allotment
provides for direct payments to students in emergency funds to assist Title IV eligible students in
covering expenses related to the disruption of campus operations included in the cost of attendance
components such as food, housing, childcare, and course materials.
Instituitional Portion
The Institutional Portion is an allotment to the Institution to defray the cost associated with
significant changes to the delivery of instruction due to the COVID-19 outbreak and incurred on or
after May 21, 2020. The Institution has discretion on how these funds are utilized; however, costs
must be tied to significant changes to the delivery of instruction. During the year, the Organization
did not receive any amount out of the total HEERF fund under the Institutional Portion.