Notes to SEFA
Title: (1) Basis of Presentation
Accounting Policies: The accompanying schedules of expenditures of federal awards include the federal award activity of Thomas Edison State University and its Affiliate the New Jersey State Library (the Organization) and are presented on the accrual basis of accounting. The information in these schedules 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 these schedules may differ from amounts presented in, or used in the preparation of, the 2023 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedules of expenditures of federal awards include the federal award activity of Thomas Edison State University and its Affiliate the New Jersey State Library (the Organization) and are presented on the accrual basis of accounting. The information in these schedules 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 these schedules may differ from amounts presented in, or used in the preparation of, the 2023 basic financial statements.
Title: (2) Indirect Cost Rate
Accounting Policies: The accompanying schedules of expenditures of federal awards include the federal award activity of Thomas Edison State University and its Affiliate the New Jersey State Library (the Organization) and are presented on the accrual basis of accounting. The information in these schedules 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 these schedules may differ from amounts presented in, or used in the preparation of, the 2023 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: (3) Federal Direct Student Loans
Accounting Policies: The accompanying schedules of expenditures of federal awards include the federal award activity of Thomas Edison State University and its Affiliate the New Jersey State Library (the Organization) and are presented on the accrual basis of accounting. The information in these schedules 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 these schedules may differ from amounts presented in, or used in the preparation of, the 2023 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans program and, accordingly, these loans are not included in the Organization’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the Organization under this program as of June 30, 2023.