Title: Student Financial Assistance Cluster
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal grant awards of The City University of New York (the University), for the year ended
June 30, 2023, except as noted below. The Schedule has been prepared on the accrual basis
of accounting. The information in the 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”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, the University did not provide any federal funding to subrecipients. Federal awards received by the University but administered by the Research Foundation of The City University of New York (“RF-CUNY”) are not included in the accompanying Schedule because RF-CUNY prepares a separate report for the federal awards it administers on behalf of the University.
De Minimis Rate Used: Y
Rate Explanation: The University elected to use the 10% de-minimus indirect cost rate for the year ended June 30, 2023, as permitted by Uniform Guidance.
The student financial assistance cluster includes those awards that provide general student financial assistance. These include the Federal Pell Grant (“Pell”), Teacher Education Assistance for College and Higher Education Grants (“TEACH”), Federal Supplemental Educational Opportunity Grants (“FSEOG”), and Federal Work-Study (“FWS”) Programs. The University manages a portfolio of loans related to the Federal Perkins Loan Program. Federally guaranteed loans are issued to students of the University under the Federal Direct Student Loan Program. In addition, the Pell, FSEOG, and FWS programs provide for recovery of administrative cost allowances which are presented and included in the accompanying Schedule.
Title: Other Grant Expenditures
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal grant awards of The City University of New York (the University), for the year ended
June 30, 2023, except as noted below. The Schedule has been prepared on the accrual basis
of accounting. The information in the 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”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, the University did not provide any federal funding to subrecipients. Federal awards received by the University but administered by the Research Foundation of The City University of New York (“RF-CUNY”) are not included in the accompanying Schedule because RF-CUNY prepares a separate report for the federal awards it administers on behalf of the University.
De Minimis Rate Used: Y
Rate Explanation: The University elected to use the 10% de-minimus indirect cost rate for the year ended June 30, 2023, as permitted by Uniform Guidance.
The University spent the remainder of its Education Stabilization Fund grants in FY23. For the year ended June 30, 2023, grant funds were expended on emergency grants to students, offsetting purchases of goods and services and revenues lost as a result of the coronavirus pandemic. Expenditures for other federal awards are determined using the cost principles and procedures set forth in OMB Uniform Guidance, Cost Principles. Under these principles, certain expenditures are not allowable or are limited as to reimbursement. Expenditures consist of direct and indirect costs. Direct costs are those that can be specifically identified with a particular sponsored project. Indirect costs are the costs of services and resources that benefit sponsored projects as well as non-sponsored projects and activities. The University and federal agencies use an indirect cost rate to charge facility and administrative costs to particular sponsored projects. The rate is the result of a number of cost allocation procedures that the University uses to allocate its facility and administrative costs to both sponsored and non-sponsored activities. The rate that the University uses to charge indirect costs to federally sponsored projects is subject to review and approval by the U.S. Department of Education. The University elected to use the 10% de-minimus
indirect cost rate for the year ended June 30, 2023, as permitted by Uniform Guidance.
Title: Institutional Share - FSEOG and FWS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal grant awards of The City University of New York (the University), for the year ended
June 30, 2023, except as noted below. The Schedule has been prepared on the accrual basis
of accounting. The information in the 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”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, the University did not provide any federal funding to subrecipients. Federal awards received by the University but administered by the Research Foundation of The City University of New York (“RF-CUNY”) are not included in the accompanying Schedule because RF-CUNY prepares a separate report for the federal awards it administers on behalf of the University.
De Minimis Rate Used: Y
Rate Explanation: The University elected to use the 10% de-minimus indirect cost rate for the year ended June 30, 2023, as permitted by Uniform Guidance.
Under the terms of the FSEOG Program, the University is required to match 25% of the costs associated with grants to students. Similarly, under the terms of the FWS Program, the University is required to match 25% of the costs of student wages earned. For the year ended June 30, 2023, the University met its matching requirements for FSEOG and FWS with restricted expendable and unrestricted expenditures totaling $5,733,108 and $1,669,059, respectively. The University participates in the Experimental Sites Initiative (ESI) created by the Department of Education under the FWS program. As part of the University’s participation in this program it allows 100% of the compensation paid to student participants from the University’s Federal share.
Title: Federal Student Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal grant awards of The City University of New York (the University), for the year ended
June 30, 2023, except as noted below. The Schedule has been prepared on the accrual basis
of accounting. The information in the 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”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, the University did not provide any federal funding to subrecipients. Federal awards received by the University but administered by the Research Foundation of The City University of New York (“RF-CUNY”) are not included in the accompanying Schedule because RF-CUNY prepares a separate report for the federal awards it administers on behalf of the University.
De Minimis Rate Used: Y
Rate Explanation: The University elected to use the 10% de-minimus indirect cost rate for the year ended June 30, 2023, as permitted by Uniform Guidance.
The University is responsible for certain aspects of the Federal Perkins Loan Program. During the year ended June 30, 2023, the University did not make any loans under the Federal Perkins Loan Program. The University's basic financial statements include the programs' net position and transactions. The ending balances of loans outstanding under these programs at June 30, 2023 are presented below:
Student Loan Programs:
Federal Perkins Loan Program
(CFDA # 84.038) $ 4,237,227
$ 4,237,227
The beginning balance of loans outstanding under the Federal Perkins Loan program at July 1, 2022 was $10,593,744. With respect to the Federal Direct Student Loan Program, the University is only responsible for the performance of certain administrative duties. Therefore, the net position and transactions for this program are not included in the University's basic financial statements. It is not practicable to determine the balance of loans outstanding to students of the University under this program at June 30, 2023.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal grant awards of The City University of New York (the University), for the year ended
June 30, 2023, except as noted below. The Schedule has been prepared on the accrual basis
of accounting. The information in the 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”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, the University did not provide any federal funding to subrecipients. Federal awards received by the University but administered by the Research Foundation of The City University of New York (“RF-CUNY”) are not included in the accompanying Schedule because RF-CUNY prepares a separate report for the federal awards it administers on behalf of the University.
De Minimis Rate Used: Y
Rate Explanation: The University elected to use the 10% de-minimus indirect cost rate for the year ended June 30, 2023, as permitted by Uniform Guidance.
The University did not pass any funding through to subrecipients during the year ended June 30, 2023.