Title: Program clusters
Accounting Policies: Basis of presentation - The accompanying schedule of expenditures of federal awards and state financial assistance summarizes the expenditures incurred under all federal and state awards received by Florida Institute of Technology, Inc. (the University) for the fiscal year ended June 30, 2023. For purposes of this schedule, federal awards and state projects include all grants, contracts, loans guarantee agreements entered into directly between the University and agencies and departments of the federal and state government and federal and state awards passed through other agencies. Expenditures for federal and state awards programs are recognized on the accrual basis of accounting. The information on this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for FFederal Awards and Chapter 10.650, Rules of the Auditor General; therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preperation of , the consolidated financials statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal Uniform Guidance and the Florida State Single Audit Act define a cluster of programs as a grouping of closely related programs that share common compliance requirements. According to this definition, we have determined the Student Financial Assistance Programs and Research and Development Programs to be Federal clusters of programs and the Florida Student Financial Assistance to be a State cluster of programs.
Title: Loans outstanding
Accounting Policies: Basis of presentation - The accompanying schedule of expenditures of federal awards and state financial assistance summarizes the expenditures incurred under all federal and state awards received by Florida Institute of Technology, Inc. (the University) for the fiscal year ended June 30, 2023. For purposes of this schedule, federal awards and state projects include all grants, contracts, loans guarantee agreements entered into directly between the University and agencies and departments of the federal and state government and federal and state awards passed through other agencies. Expenditures for federal and state awards programs are recognized on the accrual basis of accounting. The information on this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for FFederal Awards and Chapter 10.650, Rules of the Auditor General; therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preperation of , the consolidated financials statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University had the following loan balances due to the federal government at June 30, 2023: Cluter/Program Title - Federal Perkins Loan Program, Number - 84.038, Outstanding - $2,109,560.
Title: GUARANTEED STUDENT LOAN PROGRAMS
Accounting Policies: Basis of presentation - The accompanying schedule of expenditures of federal awards and state financial assistance summarizes the expenditures incurred under all federal and state awards received by Florida Institute of Technology, Inc. (the University) for the fiscal year ended June 30, 2023. For purposes of this schedule, federal awards and state projects include all grants, contracts, loans guarantee agreements entered into directly between the University and agencies and departments of the federal and state government and federal and state awards passed through other agencies. Expenditures for federal and state awards programs are recognized on the accrual basis of accounting. The information on this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for FFederal Awards and Chapter 10.650, Rules of the Auditor General; therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preperation of , the consolidated financials statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2023, the University processed new loans under the following Guaranteed Student Loan Programs: Stafford Loans - $43,814,659; Parents' Loans for Undergraduate and Gradute Students - $13,661,104; Total Guaranteed Student Loan Program - $57,475,763.
Title: Contingency
Accounting Policies: Basis of presentation - The accompanying schedule of expenditures of federal awards and state financial assistance summarizes the expenditures incurred under all federal and state awards received by Florida Institute of Technology, Inc. (the University) for the fiscal year ended June 30, 2023. For purposes of this schedule, federal awards and state projects include all grants, contracts, loans guarantee agreements entered into directly between the University and agencies and departments of the federal and state government and federal and state awards passed through other agencies. Expenditures for federal and state awards programs are recognized on the accrual basis of accounting. The information on this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for FFederal Awards and Chapter 10.650, Rules of the Auditor General; therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preperation of , the consolidated financials statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the University. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.
Title: Indirect cost rate
Accounting Policies: Basis of presentation - The accompanying schedule of expenditures of federal awards and state financial assistance summarizes the expenditures incurred under all federal and state awards received by Florida Institute of Technology, Inc. (the University) for the fiscal year ended June 30, 2023. For purposes of this schedule, federal awards and state projects include all grants, contracts, loans guarantee agreements entered into directly between the University and agencies and departments of the federal and state government and federal and state awards passed through other agencies. Expenditures for federal and state awards programs are recognized on the accrual basis of accounting. The information on this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for FFederal Awards and Chapter 10.650, Rules of the Auditor General; therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preperation of , the consolidated financials statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Under the current federally negotiated rate agreement, the University uses a predetermined indirect cost rate using a modified total direct cost base. This rate is in effect until June 30, 2026. The University applies a 44.87% indirect cost rate or a 28.45% off campus rate on a modified total direct cost basis to all federal grants, unless otherwise restricted by the agency.