Title: GENERAL
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Utica University (the University) under programs of the federal government for the year ended May 31, 2023 and has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University.
Amounts included in the accompanying Schedule are actual expenditures for the year ended May 31, 2023. Differences between amounts included in the accompanying Schedule and amounts reported to funding agencies for these programs result from report timing.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Utica University (the University) under programs of the federal government for the year ended May 31, 2023 and has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University.
Amounts included in the accompanying Schedule are actual expenditures for the year ended May 31, 2023. Differences between amounts included in the accompanying Schedule and amounts reported to funding agencies for these programs result from report timing.
Title: BASIS OF ACCOUNTING
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Utica University (the University) under programs of the federal government for the year ended May 31, 2023 and has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University.
Amounts included in the accompanying Schedule are actual expenditures for the year ended May 31, 2023. Differences between amounts included in the accompanying Schedule and amounts reported to funding agencies for these programs result from report timing.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
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.
Title: INDIRECT COST RATE
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Utica University (the University) under programs of the federal government for the year ended May 31, 2023 and has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University.
Amounts included in the accompanying Schedule are actual expenditures for the year ended May 31, 2023. Differences between amounts included in the accompanying Schedule and amounts reported to funding agencies for these programs result from report timing.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Utica University (the University) under programs of the federal government for the year ended May 31, 2023 and has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University.
Amounts included in the accompanying Schedule are actual expenditures for the year ended May 31, 2023. Differences between amounts included in the accompanying Schedule and amounts reported to funding agencies for these programs result from report timing.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to this program are included in the University’s financial statements. The balance of loans outstanding under the Federal Perkins Loan Program was $184,708 with an allowance for doubtful accounts of $21,044 at May 31, 2023.