Notes to SEFA
Title: General
Accounting Policies: The accompanying is presented using the accrual basis of accounting, which is described in Note 1 to the University’s consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Harrisburg University of Science and Technology (University). The University is described in Note 1 to the University’s consolidated financial statements.
Title: Relationship to Consolidated Financial Statements
Accounting Policies: The accompanying is presented using the accrual basis of accounting, which is described in Note 1 to the University’s consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Amounts reported in the accompanying Schedule agree with amounts included in the University’s consolidated financial statements in all material respects.
Title: Federal Direct Student Loans
Accounting Policies: The accompanying is presented using the accrual basis of accounting, which is described in Note 1 to the University’s consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The University is only responsible for the performance of certain administrative duties and is not considered the lender with respect to the student loan programs, and accordingly, these loans and are not included in its consolidated financial statements, and it is not practical to determine the balance of loans outstanding to students and former students of the University under these programs. The amount reported on the Schedule represents new loan advances during the year.
Title: Financial Responsibility
Accounting Policies: The accompanying is presented using the accrual basis of accounting, which is described in Note 1 to the University’s consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The University’s Equity, Primary Reserve, and Net Income ratios for the year ended June 30, 2024 yield a composite score of 0.1 out of a possible 3.0 as described in 34 C.F.R. §668.172, Financial Ratios. Data required for the calculation of the ratios in the Financial Responsibility Supplemental Schedules.