Notes to SEFA
Title: CONTINGENCY
Accounting Policies: The purpose of the accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) is to present, in summary form, total federal expenditure awards received by Ana G. Mendez University, Inc. (the “University”) for the year ended July 31, 2023, that have been funded under various federal award programs. The Schedule is prepared on the accrual basis of accounting. Due to the Schedule presenting only a select portion of the activities of the University, it is not intended to, and does not, present the total expenditures of the University.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the de minimis rate of 10% for determining indirect cost amounts for its federal programs.
The grant revenue amounts received are subject to audit and adjustment. If any expenditure is disallowed by the grantor agencies as a result of such an audit, any claim or reimbursement to the grantor agencies would become a liability of the University. In the opinion of the University’s administration, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.
Title: LOAN PROGRAMS
Accounting Policies: The purpose of the accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) is to present, in summary form, total federal expenditure awards received by Ana G. Mendez University, Inc. (the “University”) for the year ended July 31, 2023, that have been funded under various federal award programs. The Schedule is prepared on the accrual basis of accounting. Due to the Schedule presenting only a select portion of the activities of the University, it is not intended to, and does not, present the total expenditures of the University.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the de minimis rate of 10% for determining indirect cost amounts for its federal programs.
During the fiscal year ended July 31, 2023, the University processed new loans under the Federal Assistance Listing Number 84.268. The total amount included on the Schedule includes the new loans processed of $85,611,901. Since the University does not make loans, the new loans made in the fiscal year ended July 31, 2023 relating to this program are considered current year federal expenditures.