Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) presents the activities in all the federal award programs of Boricua College and Subsidiaries (“Boricua”) for the year ended June 30, 2024. All financial awards received directly from federal agencies as well as financial awards passed through other governmental agencies or nonprofit organizations are included on the schedule and are 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 Boricua, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Boricua.
De Minimis Rate Used: Y
Rate Explanation: Boricua does not have a federally negotiated indirect cost rate on its federal contracts, and Boricua has not made an election pursuant the Uniform Guidance to receive a 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “schedule”) presents the activities in all the federal award programs of Boricua College and Subsidiaries (“Boricua”) for the year ended June 30, 2024. All financial awards received directly from federal agencies as well as financial awards passed through other governmental agencies or nonprofit organizations are included on the schedule and are 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 Boricua, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Boricua.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) presents the activities in all the federal award programs of Boricua College and Subsidiaries (“Boricua”) for the year ended June 30, 2024. All financial awards received directly from federal agencies as well as financial awards passed through other governmental agencies or nonprofit organizations are included on the schedule and are 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 Boricua, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Boricua.
De Minimis Rate Used: Y
Rate Explanation: Boricua does not have a federally negotiated indirect cost rate on its federal contracts, and Boricua has not made an election pursuant the Uniform Guidance to receive a 10% de minimis cost rate.
The accompanying schedule is presented using 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 to reimbursement. The amounts reported in the schedule as expenditures may differ from certain financial reports submitted to funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
Title: FEDERAL DIRECT STUDENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) presents the activities in all the federal award programs of Boricua College and Subsidiaries (“Boricua”) for the year ended June 30, 2024. All financial awards received directly from federal agencies as well as financial awards passed through other governmental agencies or nonprofit organizations are included on the schedule and are 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 Boricua, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Boricua.
De Minimis Rate Used: Y
Rate Explanation: Boricua does not have a federally negotiated indirect cost rate on its federal contracts, and Boricua has not made an election pursuant the Uniform Guidance to receive a 10% de minimis cost rate.
Boricua is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program, and accordingly, these loans are not included in its basic consolidated financial statements. Loan amounts included in the schedule represent only new loans advanced in the current year. It is not practical to determine the balance of loans outstanding to students of Boricua under these programs at June 30, 2024.
Title: INDIRECT COSTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “schedule”) presents the activities in all the federal award programs of Boricua College and Subsidiaries (“Boricua”) for the year ended June 30, 2024. All financial awards received directly from federal agencies as well as financial awards passed through other governmental agencies or nonprofit organizations are included on the schedule and are 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 Boricua, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Boricua.
De Minimis Rate Used: Y
Rate Explanation: Boricua does not have a federally negotiated indirect cost rate on its federal contracts, and Boricua has not made an election pursuant the Uniform Guidance to receive a 10% de minimis cost rate.
Boricua does not have a federally negotiated indirect cost rate on its federal contracts, and Boricua has not made an election pursuant the Uniform Guidance to receive a 10% de minimis cost rate.