Title: 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 Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The New York
Seminary, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
grant activity of The New York Seminary, Inc. (the School) under programs of the federal
government for the year ended June 30, 2021. 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). Because the Schedule presents only a selected portion of the operations of
The New York Seminary, Inc., it is not intended to and does not present the financial position,
changes in net assets, or cash flows of The New York Seminary, Inc.
Title: Department of Education Grants:
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 Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The New York
Seminary, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The New York Seminary, Inc. receives grants from the U.S. Department of Education as part of
the student financial assistance program as well as the higher education emergency relief fund
(HEERF) program. Under the student financial assistance program, the Organization receives
funds from Pell and Federal Supplemental Educational Opportunity Grant (“FSEOG”) grants to
help eligible students defray the cost of tuition. On March 28, 2020, The Coronavirus Aid, Relief,
and Economic Security (CARES) Act was signed into law which provided almost $14 billion to
higher education institutions via HEERF. Under HEERF, the Organization receives the Student
Aid Portion, Institutional Portion, and the Fund for the Improvement of Postsecondary Education
(FIPSE) grants to help defray costs associated with the coronavirus, provide scholarships to
students, as well as replace lost revenue due to the pandemic.
Title: Use of Estimates:
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 Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The New York
Seminary, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect certain reported
amounts and disclosures. Accordingly, actual results could differ from those estimates.
Title: Subsequent Events:
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 Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The New York
Seminary, Inc. has elected to use the ten percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Management considers events and transactions that occur after the financials statement date, but
before the financial statements are issued, to provide additional evidence relative to certain
estimates or to identify matters that require additional disclosures. These financial statements were
available to be issued on July 11, 2022 and subsequent events have been evaluated through the
date.