Notes to SEFA
Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICY
Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared on the accrual basis of accounting. The information in this schedule is presented 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 (Uniform Guidance). Federal expenditures include allowable costs funded by federal awards. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in the Institute’s financial statements in conformity with generally accepted accounting principles. The Institute does not use the 10% de minimis rate. The Institute does not have subrecipients. Because the schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute.
De Minimis Rate Used: N
Rate Explanation: The Auditee has elected not to use an indirect cost rate.
Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared on the accrual basis of accounting. The information in this schedule is presented 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 (Uniform Guidance). Federal expenditures include allowable costs funded by federal awards. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in the Institute’s financial statements in conformity with generally accepted accounting principles. The Institute does not use the 10% de minimis rate. The Institute does not have subrecipients. Because the schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute.
Title: NOTE 2 – FEDERAL DIRECT STUDENT LOAN PROGRAM
Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared on the accrual basis of accounting. The information in this schedule is presented 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 (Uniform Guidance). Federal expenditures include allowable costs funded by federal awards. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in the Institute’s financial statements in conformity with generally accepted accounting principles. The Institute does not use the 10% de minimis rate. The Institute does not have subrecipients. Because the schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute.
De Minimis Rate Used: N
Rate Explanation: The Auditee has elected not to use an indirect cost rate.
During the year ended December 31, 2023, the Institute processed new loans of $1,413,714 under the Federal Direct Student Loan Program. Under the Federal Direct Student Loan Program, loans are provided to eligible borrowers and parents directly by the federal government through a private education lending organization.