Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards includes the federal
grant activity of Yo San University of Traditional Chinese Medicine,
Inc., and is presented on an 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 Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Therefore, some
amounts presented in this schedule may differ from amounts used in the
preparation of the basic financial statements.
Federal Work Study (FWS) funds are requested from the Department of
Education after qualifying expenditures are made by the University.
Accordingly, the federal expenditures reported above agree with the
federal work study grant revenue reported on the Statement of
Activities.
Federal Direct Student Loan (Direct Loan) is made by the Secretary of
Education. The University treats the funds as agency transactions, and
accordingly, they are not reported as revenues or expenditures in the
Statement of Activities. Federal expenditures are reported at the net
proceed amounts available to apply to student accounts, after
deduction for insurance and fees.
De Minimis Rate Used: Y
Rate Explanation: The University elected to charge a de minimis rate of 10% of modified total direct costs (MTDC) which is used indefinitely.