Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Hult International Business School, Inc. (the "School") under programs of the federal government for the year ended July 31, 2023. The information in this 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 ("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. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (1) - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) - Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The School has not used the 10% de minimus indirect cost rate allowed in the Uniform Guidance, as it does not apply to their federal programs.
The School did not provide any federal awards to subrecipients.
Title: REVENUE RECOGNITION
Accounting Policies: BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Hult International Business School, Inc. (the "School") under programs of the federal government for the year ended July 31, 2023. The information in this 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 ("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. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (1) - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) - Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The School has not used the 10% de minimus indirect cost rate allowed in the Uniform Guidance, as it does not apply to their federal programs.
The School is approved as a Title IV institution by the U.S. Department of Education and as such, processes financial aid applications for U.S. citizens and permanent residents attending the School. Title IV awards relate to students attending Hult institutions in Cambridge, MA, San Francisco, London and Dubai. The School's revenue is primarily generated by tuition and fees from students enrolled and attending the School's academic programs.