Notes to SEFA
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The University has elected not to use the 10 percent de minimis indirect cost rate under the Uniform Guidance. The University did not pass through any amounts to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate under the Uniform Guidance. The University did not pass through any amounts to subrecipients.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Lasell University (the “University”) and is presented 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
Title: Federal Support Associated with COVID-19
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The University has elected not to use the 10 percent de minimis indirect cost rate under the Uniform Guidance. The University did not pass through any amounts to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate under the Uniform Guidance. The University did not pass through any amounts to subrecipients.
Federal Emergency Management Agency Grant
The University applied for a grant for reimbursement of various COVID-19 related costs, including, among other costs, personal protective supplies and testing costs. The University received grant payments of approximately $2,448,000 of which $2,279,000 is included in federal and state grants revenue on the Statement of Activities in fiscal 2024 and $169,000 passed through to Lasell Village to reimburse them for COVID-19 testing expenses paid to the University in fiscal 2021 and fiscal 2022.