Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: 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 Guidnce, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Although the U.S. Department of Educaton provides an Administrative Cost Allowance as a component of the Student Financial Assistance programs, there is no indirect cost rate allowed as part of these programs or the oher programs listed on the accompanying Schedule. As such, the University has also elected to not use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Palo Alto University, Inc. (University) under programs of the federal government for the year ended July 31, 2023. The information in this Scheudle 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 University, it is not intended to and does present the financial position, changes in net assets or cash flows of the University.
Title: Note 2 Significant Accounting Policy
Accounting Policies: 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 Guidnce, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Although the U.S. Department of Educaton provides an Administrative Cost Allowance as a component of the Student Financial Assistance programs, there is no indirect cost rate allowed as part of these programs or the oher programs listed on the accompanying Schedule. As such, the University has also elected to not use the 10% de minimis cost rate.
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.
Title: Note 3 Indirect Costs
Accounting Policies: 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 Guidnce, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Although the U.S. Department of Educaton provides an Administrative Cost Allowance as a component of the Student Financial Assistance programs, there is no indirect cost rate allowed as part of these programs or the oher programs listed on the accompanying Schedule. As such, the University has also elected to not use the 10% de minimis cost rate.
Although the U.S. Department of Educaton provides an Administrative Cost Allowance as a component of the Student Financial Assistance programs, there is no indirect cost rate allowed as part of these programs or the oher programs listed on the accompanying Schedule. As such, the University has also elected to not use the 10% de minimis cost rate.