Notes to SEFA
Title: NOTE 1 - 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 not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The University had no awards that were passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state grant activity of Lynn University (the "University") under programs/projects of the federal and state governments 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 Princiles, and Audit Requirements for Federal Awards (Uniform Guidance), Section 215.97, Florida Statutes, and Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a select 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: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The University had no awards that were passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
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 not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The University had no awards that were passed through to subrecipients.