Notes to SEFA
Title: 1. Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of Villa Maria College of Buffalo (the College), an entity as defined in Note 1 to the College’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies and nonprofits, are included on the SEFA.
Basis of Accounting:
The College uses the accrual basis of accounting for federal programs, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance.
Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of Villa Maria College of Buffalo (the College), an entity as defined in Note 1 to the College’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies and nonprofits, are included on the SEFA.
Basis of Accounting:
The College uses the accrual basis of accounting for federal programs, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system.
Indirect Costs:
Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance.
Title: 2. Federal Direct Student Loan Programs
Accounting Policies: Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of Villa Maria College of Buffalo (the College), an entity as defined in Note 1 to the College’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies and nonprofits, are included on the SEFA.
Basis of Accounting:
The College uses the accrual basis of accounting for federal programs, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance.
2. Federal Direct Student Loan Programs:
Total student loans guaranteed by the U.S. Department of Education issued through the College under Federal Direct Student Loans (Assistance Listing #84.268) for the year ended June 30, 2023 were as follows: Direct Subsidized Loans $1,070,889, Direct Unsubidized Loans $987,362 and Direct PLUS Loans $364,734 totaling $2,422,985.