Notes to SEFA
Title: Note 4 - Non-Cash Awards
Accounting Policies: Note 1 - Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Metropolitan Learning Institute, Inc. ("the School") under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with 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 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.
Note 2 - Summary of Significant 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 Guidance.
De Minimis Rate Used: N
Rate Explanation: Note 3 - Indirect Cost Rate
The School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
The School did not have any non-cash awards for the year ended December 31, 2023.
Title: Note 5 - Subrecipients
Accounting Policies: Note 1 - Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Metropolitan Learning Institute, Inc. ("the School") under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with 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 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.
Note 2 - Summary of Significant 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 Guidance.
De Minimis Rate Used: N
Rate Explanation: Note 3 - Indirect Cost Rate
The School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
There were no payments made to subrecipients for federal awards during the year ended December 31, 2023.
Title: Note 6 - Major Program and Cluster
Accounting Policies: Note 1 - Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Metropolitan Learning Institute, Inc. ("the School") under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with 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 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.
Note 2 - Summary of Significant 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 Guidance.
De Minimis Rate Used: N
Rate Explanation: Note 3 - Indirect Cost Rate
The School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
As defined in the Uniform Guidance, the Student Financial Assistance Programs are considered to be a cluster and accordingly, have been classified as one program for testing purposes. The Student Financial Assistance Cluster and the Education Stabilization Fund have been defined as major programs.