Notes to SEFA
Title: STUDENT FINANCIAL AID EXPENDITURES
Accounting Policies: The accompanying schedule of expenditures of federal, state, and city awards (the Schedule) includes the federal award activity of the Agency 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 GENERAL INFORMATION: 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 Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency. BASIS OF ACCOUNTING: 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 as to reimbursement.
The amounts reported in this Schedule as expenditures may differ from certain financial reports submitted to funding agencies because those reports may be submitted on either a cash or modified accrual basis of accounting.
Expenditures of federal, state, and city awards are reported on the consolidated statement of activities as operating expenses. In certain programs, the expenditures reported in the basic financial statements differ from the expenditures reported in the Schedule because other program expenditures may exceed contract budget limitations, and are therefore not included as expenditures of federal, state, and city awards.
De Minimis Rate Used: Y
Rate Explanation: The Agency was eligible to use a federally approved indirect cost rate allowed under the Uniform Guidance of 15.66%
Expenditures recorded under U.S. Department of Education Student Financial Aid Programs include grants made during the fiscal year pertaining to prior award years.
Title: PASS-THROUGH OF FEDERAL FUNDS
Accounting Policies: The accompanying schedule of expenditures of federal, state, and city awards (the Schedule) includes the federal award activity of the Agency 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 GENERAL INFORMATION: 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 Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency. BASIS OF ACCOUNTING: 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 as to reimbursement.
The amounts reported in this Schedule as expenditures may differ from certain financial reports submitted to funding agencies because those reports may be submitted on either a cash or modified accrual basis of accounting.
Expenditures of federal, state, and city awards are reported on the consolidated statement of activities as operating expenses. In certain programs, the expenditures reported in the basic financial statements differ from the expenditures reported in the Schedule because other program expenditures may exceed contract budget limitations, and are therefore not included as expenditures of federal, state, and city awards.
De Minimis Rate Used: Y
Rate Explanation: The Agency was eligible to use a federally approved indirect cost rate allowed under the Uniform Guidance of 15.66%
There are no federal awards being passed through by the Agency to subrecipients.