Notes to SEFA
Title: Basis of presentation
Accounting Policies: The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For the purposes of the Schedule, federal awards include all federal assistance entered into directly between the School and the federal government and also between the School and other primary federal awards recipients.
De Minimis Rate Used: N
Rate Explanation: The School 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 the School 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the School, it is not intended to, and does not, present the financial position, changes in net assets or cash flows of the School.
Title: Loans
Accounting Policies: The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For the purposes of the Schedule, federal awards include all federal assistance entered into directly between the School and the federal government and also between the School and other primary federal awards recipients.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The School is only responsible for the performance of certain administrative duties with respect to the Federal Direct Student Loans (Federal Assistance Listing # 84.268). Therefore, the transactions and the balances of loans outstanding related to this program are not included in the School’s consolidated financial statements. The Schedule includes amounts loaned to students during the year ended June 30, 2023.
Title: Higher Education Emergency Relief Fund
Accounting Policies: The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For the purposes of the Schedule, federal awards include all federal assistance entered into directly between the School and the federal government and also between the School and other primary federal awards recipients.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The School received funds for student and institutional purposes under the Higher Education Emergency Relief Fund program (“HEERF”). These funds are administered directly by the School. Amounts expensed for the year ended June 30, 2023, for both the student and institutional portion, are included in federal expenditures presented in the Schedule. HEERF activity as of June 30, 2023 is as follows: