Notes to SEFA
Title: NOTE 2 - FEDERAL DIRECT LOAN PROGRAM AND NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (“NJ CLASS”)
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). The accompanying schedule of expenditures of State of New Jersey awards has been prepared in accordance with the requirements of the State of New Jersey Department of Treasury Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid. The purpose of these schedules is to present the respective expenditures of federal and State of New Jersey programs, under the accrual basis of accounting, of Bloomfield for the year ended June 30, 2024. For purposes of the respective schedules, federal and State of New Jersey awards include any assistance provided by a federal or State of New Jersey agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because these schedules present only a selected portion of the activities of Bloomfield, they are not intended to, and do not, present either the net position of Bloomfield at June 30, 2024 or its changes in net position or cash flows for the year then ended. Accordingly, some amounts presented in the respective schedules may differ from amounts presented in, or used in the preparation of, Bloomfield’s June 30, 2024 financial statements.
De Minimis Rate Used: N
Rate Explanation: Bloomfield utilizes a negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate, as provided by §200.414 Indirect Cost (F&A) of the Uniform Guidance.
Bloomfield is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan program and NJ CLASS program and has no responsibility to collect these loans. Accordingly, these loans are not included in Bloomfield’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of Bloomfield under these programs as of June 30, 2024.