Notes to SEFA
Title: Federal Perkins Loan Program
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - The following sets forth certain balances and activities in the Federal Perkins Loan Program for the year ended June 30, 2022: Perkins cash balance at June 30, 2022 $ 88,143 Perkins loans receivable at June 30, 2021 $ 1,418,675 New loans advanced - Perkins loans receivable at June 30, 2022 as presented on the Schedule $ 1,418,675 Perkins loans collected (93,110) Perkins loans receivable at June 30, 2022 $ 1,325,565
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Vermont Law and Graduate School, Inc. and Subsidiary (the School) for the year ended June 30, 2022. 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.