Notes to SEFA
Title: NOTE 2 - FEDERAL STUDENT LOANS PROGRAMS
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (Schedule) includes the federal award grantactivity of Pittsburgh Technical Institute, Inc., d/b/a Pittsburgh Technical College (College) under programsof the federal government for the year ended June 30, 2022. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the schedule presents only a selected portion of the operations of the College, it is notintended to and does not present the financial position, changes in net assets or cash flows of the College.Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles forEducational Institutions or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shownon the Schedule represent adjustments or credits made in the normal course of business to amounts reportedas expenditures in prior years. The Company has elected not to use the 10 percent de minimis indirect costrate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The institution receives the administrative cost allowance under federal student financial aid regulations.
Federally guaranteed loans issued to students of the College by financial institutions under the Federal DirectLoan (FDL) program were $10,643,013, during the year ended June 30, 2022. The amount presentedrepresents the value of new loans awarded during the year. The College is responsible only for theperformance of certain administrative duties with respect to the FDL program and, accordingly, these loansare not included in its financial statements, and it is not practical to determine the balance of loans outstandingto students and former students of the College under these programs at June 30, 2022.
Title: NOTE 3 - NONCASH AND FEDERAL INSURANCE
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (Schedule) includes the federal award grantactivity of Pittsburgh Technical Institute, Inc., d/b/a Pittsburgh Technical College (College) under programsof the federal government for the year ended June 30, 2022. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the schedule presents only a selected portion of the operations of the College, it is notintended to and does not present the financial position, changes in net assets or cash flows of the College.Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles forEducational Institutions or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shownon the Schedule represent adjustments or credits made in the normal course of business to amounts reportedas expenditures in prior years. The Company has elected not to use the 10 percent de minimis indirect costrate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The institution receives the administrative cost allowance under federal student financial aid regulations.
The College did not receive noncash assistance or have federal insurance in effect during the fiscal year.