Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal grant expenditures of The Cooper Union for the Advancement of Science and Art and its affiliates (collectively,
the “College”) for the year ended June 30, 2023. The schedule was prepared using the accrual basis of accounting and is 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 Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in or
used in the preparation of the College’s consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal grant expenditures of The Cooper Union for the Advancement of Science and Art and its affiliates (collectively,
the “College”) for the year ended June 30, 2023. The schedule was prepared using the accrual basis of accounting and is 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 Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in or
used in the preparation of the College’s consolidated financial statements.
Title: Note 2 - Federal Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal grant expenditures of The Cooper Union for the Advancement of Science and Art and its affiliates (collectively,
the “College”) for the year ended June 30, 2023. The schedule was prepared using the accrual basis of accounting and is 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 Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in or
used in the preparation of the College’s consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
The College administers and accounts for certain aspects of the Federal Perkins Loan Program. Therefore, the College’s consolidated financial statements include the Federal Perkins Loan Program’s net assets and transactions. The following provides information about the Federal Perkins Loans activity for the year ended June 30, 2023:
The expenditures reported on the Schedule for the Federal Perkins Loan Program consist of the outstanding loans at June 30, 2021, plus loans issued and administrative costs, if any, expended for the
year ended June 30, 2023.
With respect to the Federal Direct Student Loan Program, the College is responsible only for the performance of certain administrative duties; therefore, the net assets and transactions for this program are
not included in the College’s consolidated financial statements. It is not practical to estimate the amount of loans outstanding to students of the College under this program at June 30, 2023.
In June 2022, the College notified the U.S. Department of Education of its intent to voluntarily withdraw participation in the Federal Perkins Loan program by liquidating its loan portfolio and revolving fund.
Liquidation of the program involved announcing its intent to liquidate, borrower notification, and the assignment of or purchase of loans. As of this report date, the College has completed the liquidation
procedures for the purpose of liquidating its Federal Perkins Loan Program.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal grant expenditures of The Cooper Union for the Advancement of Science and Art and its affiliates (collectively,
the “College”) for the year ended June 30, 2023. The schedule was prepared using the accrual basis of accounting and is 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 Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in or
used in the preparation of the College’s consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate
The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.