Title: A
Accounting Policies: The accompanying schedule includes all federal award programs for the
fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements
as of June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The school has elected not to use the 10 percent de minimis indirect cost
rate allowed under Uniform Guidance.
Reporting Entity-The accompanying schedule includes all federal award programs for the
fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements
as of June 30, 2023.
Title: B
Accounting Policies: The accompanying schedule includes all federal award programs for the
fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements
as of June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The school has elected not to use the 10 percent de minimis indirect cost
rate allowed under Uniform Guidance.
Basis of presentation-The information in the accompanying schedule of expenditures of
federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulation 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 Visible Music College, it is not intended to and does not
present the financial position, changes in net assets or cash flows of Visible Music College.
Title: 1
Accounting Policies: The accompanying schedule includes all federal award programs for the
fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements
as of June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The school has elected not to use the 10 percent de minimis indirect cost
rate allowed under Uniform Guidance.
Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a
federal agency, either directly or indirectly, in the form of grants, contracts, cooperative
agreements, loans, loan guarantees, property, interest subsidies, insurance or direct
appropriations.
Title: 2
Accounting Policies: The accompanying schedule includes all federal award programs for the
fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements
as of June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The school has elected not to use the 10 percent de minimis indirect cost
rate allowed under Uniform Guidance.
Major Programs- The Uniform Guidance establishes the levels of expenditure or expenses to
be used in defining major federal financial award programs. Major programs for the school have
been identified in the attached Schedule of Findings and Questioned costs.
Title: C
Accounting Policies: The accompanying schedule includes all federal award programs for the
fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements
as of June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The school has elected not to use the 10 percent de minimis indirect cost
rate allowed under Uniform Guidance.
Basis of Accounting-The information presented in the schedule of expenditures of federal
awards is presented on the accrual basis of accounting, which is consistent with the reporting in
the Institution’s financial statements.
Title: D
Accounting Policies: The accompanying schedule includes all federal award programs for the
fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements
as of June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The school has elected not to use the 10 percent de minimis indirect cost
rate allowed under Uniform Guidance.
Indirect Cost Rate - The school has elected not to use the 10 percent de minimis indirect cost
rate allowed under Uniform Guidance.
Title: E
Accounting Policies: The accompanying schedule includes all federal award programs for the
fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements
as of June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The school has elected not to use the 10 percent de minimis indirect cost
rate allowed under Uniform Guidance.
Subrecipients – There were no funds passed through to subrecipients.
Title: F
Accounting Policies: The accompanying schedule includes all federal award programs for the
fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements
as of June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The school has elected not to use the 10 percent de minimis indirect cost
rate allowed under Uniform Guidance.
The United States Department of Education performed a program review of the Institution
from September 9, 2019 through September 13, 2019 and issued a report dated March 13, 2020
with 10 findings. On June 12, 2020 the Institution submitted an initial limited response (ILR) to
the program review report challenging several of these findings. As of the date of this report,
there has been no final resolution of the program review, and the Department of Education has
not issued a Final Audit Determination Letter.
On July 27, 2022 the Institution received a letter from the United States Department of Education
notifying the Institution of that it had completed its review of the fiscal year ended June 30, 2021
audited financial statements and that the composite score was a 0.9. The letter stipulates that the
Institution must either 1) post a letter of credit in the amount of 75% of Title IV funds received
or 2) post a letter of credit in the amount of 25% of Title IV funds received and be provisionally
certified for a period of up to three complete award years.