Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award grant
activity of Pittsburgh Institute of Aeronautics (Institution) 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 Institution, it is not intended to and does not present the financial
position, changes in net assets or cash flows of the Institution.
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 Institution 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 Aeronautics (Institution) 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 Institution, it is not intended to and does not present the financial
position, changes in net assets or cash flows of the Institution.
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 Institution 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: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award grant
activity of Pittsburgh Institute of Aeronautics (Institution) 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 Institution, it is not intended to and does not present the financial
position, changes in net assets or cash flows of the Institution.
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 Institution 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
Federally guaranteed loans issued to students of the Institution by financial institutions under the Federal
Direct Loan (FDL) program were $4,963,751 during the year ended June 30, 2024. The amount presented
represents the value of new loans awarded during the year. The Institution 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 Institution under these programs at June 30, 2024.
Title: NOTE 3 - NONCASH AND FEDERAL INSURANCE
Accounting Policies: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award grant
activity of Pittsburgh Institute of Aeronautics (Institution) 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 Institution, it is not intended to and does not present the financial
position, changes in net assets or cash flows of the Institution.
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 Institution 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 Institution did not receive noncash assistance or have Federal insurance in effect during the fiscal year.