Notes to SEFA
Title: 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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Mercy College (the “College”) under programs of the federal government for the year ended June 30, 2023. 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”). 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: Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent 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 Rates
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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The College is responsible for all aspects of the Nursing Faculty Loan Program. Accordingly, the College’s financial statements include all activities related to this program. The accompanying schedule of expenditures of federal awards generally includes only amounts disbursed to students plus administrative recovery under the programs. During the year ended June 30, 2023, no amount was disbursed to students under the Nursing Faculty Loan Program. The balance of loans outstanding under the Nursing Faculty Loan Program as of June 30, 2023 was $324,639.
The College is only responsible for the performance of certain administrative duties with respect to the Federal Direct Loans. Therefore, the transactions and the balances of loans outstanding related to this program are not included in the College’s financial statements. It is not practical to determine the balance of loans outstanding to students of the College under this program at June 30, 2023. The Schedule includes amounts loaned to students during the year ended June 30, 2023.
Title: Higher Education Emergency Relief Fund
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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The College received funds for student and institutional purposes under the Higher Education Emergency Relief Fund program ("HEERF"). These funds are administered directly by the College. Amounts expended for the year ended June 30, 2023, for both the student and institutional portion are included in federal expenditures presented in the Schedule.