Title: (1) 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The College has received approved predetermined federally negotiated indirect cost rates for federal awards.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of New York Medical College (the College) 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the College’s basic consolidated financial statements. Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.
Title: (4) 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The College has received approved predetermined federally negotiated indirect cost rates for federal awards.
The College offers student financial assistance through the following student loan programs:
Federal Direct Student Loan Program - Unsibsidized Stafford Loans, 84.268, Loans issued in the year ended June 30, 2023 - $30,257,506
Federal Direct Student Loan Program - Graduate Plsu Loans, 84.268, Loans issued in the year ended June 30, 2023 - $23,193,032
The College does not guarantee any federal loan funds related to the above loan programs, but instead processes and authorizes loans to students, which are issued by the federal government.
The College also extends loans, through a revolving fund originally funded by the federal government, with principal and interest relating to outstanding loans being repaid to the College.
Federal Perkins Loan Program, 84.038, Outstanding balance at June 30, 2023 - $162,908, Outstanidng balance at June 30, 2022 - $218,737, Loans made during the year ended June 30, 2023 - $0
Primary Care Loan Program, 93.342, Outstanding balance at June 30, 2023 - $164,757, Outstanidng balance at June 30, 2022 - $181,596, Loans made during the year ended June 30, 2023 - $0
The College matches one third of the Federal Perkins Program and one ninth of the Primary Care Loan Program funds awarded and disburses them to students.
The expenditures reported on the Schedule for the Federal Perkins and Primary Care Loan Programs consist of the outstanding loans at June 30, 2022. There were no loans disbursed during the year ended June 30, 2023.