Title: Note 1 - Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award grant
activity of Pittsburgh Institute of Mortuary Science, Inc. (Institute) under programs of the federal government
for the year ended June 30, 2024. 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 Institute, it is not intended to and does not present the
financial position, changes in net assets or cash flows of the Institute.
Basis of Accounting
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for
Educational Institutions or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown
on the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years. The Institute has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award grant
activity of Pittsburgh Institute of Mortuary Science, Inc. (Institute) under programs of the federal government
for the year ended June 30, 2024. 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 Institute, it is not intended to and does not present the
financial position, changes in net assets or cash flows of the Institute.
Basis of Accounting
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for
Educational Institutions or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown
on the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years. The Institute has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: Note 2 - Federal Student Loans Programs
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award grant
activity of Pittsburgh Institute of Mortuary Science, Inc. (Institute) under programs of the federal government
for the year ended June 30, 2024. 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 Institute, it is not intended to and does not present the
financial position, changes in net assets or cash flows of the Institute.
Basis of Accounting
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for
Educational Institutions or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown
on the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years. The Institute has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
NOTE 2 - FEDERAL STUDENT LOANS PROGRAM
Federally guaranteed loans issued to students of the Institute by financial institutions under the Federal Direct
Loan (FDL) program were $2,035,118 during the year ended June 30, 2024. The amount presented represents
the value of new loans awarded during the year. The Institute is responsible only for the performance of
certain administrative duties with respect to the FDL program and, accordingly, these loans are not included
in its financial statements, and it is not practical to determine the balance of loans outstanding to students and
former students of the Institute under these programs at June 30, 2024.
Title: Note 3 - Noncash and Federal Insurance
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award grant
activity of Pittsburgh Institute of Mortuary Science, Inc. (Institute) under programs of the federal government
for the year ended June 30, 2024. 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 Institute, it is not intended to and does not present the
financial position, changes in net assets or cash flows of the Institute.
Basis of Accounting
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for
Educational Institutions or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown
on the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years. The Institute has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The Institute did not receive noncash assistance or have Federal insurance in effect during the fiscal year.