Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Institute for Doctoral Studies in the Visual Arts, Inc. has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Institute for Doctoral Studies in the Visual Arts, Inc. All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies are included on the schedule. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Because the schedule presents only a selected portion of the operations of Institute for Doctoral Studies in the Visual Arts, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Institute for Doctoral Studies in the Visual Arts, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Institute for Doctoral Studies in the Visual Arts, Inc. has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. IDSVA has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Federal Direct Student Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Institute for Doctoral Studies in the Visual Arts, Inc. has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Institute’s Loan Programs are processed by the Institute, however, loans are not included in the Institute’s basic financial statements. During the year ended April 30, 2024, the following amount of new loans under the Federal Direct Student Loan program (Federal Assistance Listing Number 84.268) were processed and are included in the accompanying Schedule of Expenditures of Federal Awards: Federal Direct Unsubsidized Loans, $838,350; Federl Plus Loans, $1,567,518; total, $2,405,868.