Title: Note A-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 Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of the Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R., 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Audits of States, Local Governments, and Non-Profit Organizations. Because this schedule presents only a selected portion of the operation of the Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R.
Title: Note B-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 Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note C – Federal Indirect Rate
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 Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note D- Federal Student Loan Programs
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 Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal student loans processed during the fiscal year ended June 30, 2024 are as follows:
The transactions are between the students and an outside third party, under the Federal Family Loan Program, which includes subsidized Stafford Loans, Parent’s Plus Loans for Undergraduate Students, and unsubsidized Stafford Loan, SABER College is responsible only for the performance of certain administrative duties with respect to these loans and, accordingly balances and transactions related to this loan program are not included in SABER’s financial statements. The third-party provider of the loans owns the asset, not SABER. Therefore, SABER does not carry on its statement of financial position the balance of loans outstanding made by third parties to students and former students of SABER as of June 30, 2024.
Title: Note E- Contingencies
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 Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The grant revenue amounts received are subject to audit and adjustment. If any expenditure is disallowed by the grant agencies as a result of such an audit, any claim of reimbursement to the grantor agencies would become liability of SABER. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements, and applicable federal laws and regulations.
Title: Note F - HEERF Programs (Student and Institutional Portions)
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 Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was passed by Congress and signed by President Donald Trump on March 27th, 2020. This bill allotted $2.2 trillion to provide fast and direct economic aid to the American people negatively impacted by the COVID-19 pandemic. Of that money, approximately $14 billion was given to the Office of Postsecondary Education as the Higher Education Emergency Relief Fund (the “HEERF”). HEERF provides for emergency funds to assist institutions and students due to the disruption in education caused by COVID-19 For the current year the college didn’t receive any HEERF awards. $ 20,432 was remaining left to be disbursed to students at the end of previous reporting period out of which an amount of $ 19,980 was disbursed during the year as Emergency Relief Fund.
Student Portion
The student allotment provides for direct payments to students in emergency funds to assist Title IV eligible students in covering expenses related to the disruption of campus operations included in the cost of attendance components such as food, housing, childcare, and course materials. For the current year the college didn’t receive any HEERF awards. $ 20,432 was remaining left to be disbursed to students at the end of previous reporting period out of which an amount of $ 19,980 was disbursed during the year as Emergency Relief Fund.
Institutional Portion
The Institutional Portion is an allotment to the Institution to defray the cost associated with significant changes to the delivery of instruction due to the COVID-19 outbreak and incurred on or after May 21, 2020. The Institution has discretion on how these funds are utilized; however, costs must be tied to significant changes to the delivery of instruction. During the year, the Organization did not receive any amount out of the total HEERF fund under the Institutional Portion.