Notes to SEFA
Title: Note 3 - Contingency
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of Ringling College of Art and Design 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance) and Chapter 10.650, Rules of the Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the basic financial statements. There were no subrecipient expenditures during the fiscal year ended May 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to utilize the 10% de minimis indirect cost rate during the year ended May 31, 2022.
The grant revenue amounts are subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agency as a result of such and audit, any claim for reimbursement to the grantor agency would become a liability to the College. 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 4 - Higher Education Emergency Relief Fund
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of Ringling College of Art and Design 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance) and Chapter 10.650, Rules of the Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the basic financial statements. There were no subrecipient expenditures during the fiscal year ended May 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to utilize the 10% de minimis indirect cost rate during the year ended May 31, 2022.
The CARES Act created a Higher Education Emergency Relief Fund (HEERF) to provide financial relief to students and institutions who were impacted by the COVID-19 pandemic. The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) and the American Rescue Plan (ARP) provided additional rounds of HEERF (II and III). The HEERF funds contained two components, an institutional award and a student aid award. The following cumulative amounts have been awarded as HEERF as of May 31, 2022: See Notes to the SEFSA for Chart/table. The College expended the following funds for the year ending May 31, 2022: See Notes to the SEFSA for Chart/table.