Title: 3. Direct and Other Loan Programs
Accounting Policies: The accompanying schedules of expenditures of Federal awards and State of New Jersey awards, respectively, have been prepared in accordance with the requirements stipulated by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and, the State of New Jersey Department of the Treasury Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid (N.J. Treasury Circular 15-08), respectively. The purpose of these schedules is to present the respective expenditures of sponsored activities of New Jersey Institute of Technology (the University) for the year ended June 30, 2024, which have been awarded by either the Federal government or the State of New Jersey. For purposes of the accompanying schedules, Federal and State of New Jersey awards include any assistance provided by a Federal or State agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations, loan and loan guarantees, and other noncash assistance to the University, an entity defined in Note 1 of the University’s basic financial statements. Included within the accompanying schedules of expenditures of Federal awards and State of New Jersey awards are expenditures of $261,645 related to grants awarded to and expended by New Jersey Innovation Institute, Inc., a component unit of New Jersey Institute of Technology. Because the accompanying schedules present only a selected portion of the activities of the University, as required by Uniform Guidance and N.J. Treasury Circular 15-08, they are not intended to, and do not, purport to present either the net position of the University at June 30, 2024 or the changes in net position and cash flows for the year then ended. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of the University’s 2024 basic financial statements.
The accounting principles followed by the University in preparing the accompanying schedules, follow:
Expenditures for direct and indirect costs are recognized as incurred under the accrual basis of accounting in accordance with the provisions of Uniform Guidance and N.J. Treasury Circular 15-08 pursuant to which certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has negotiated the following Facilities and Administrative (F&A) or Indirect Cost rates and fringe benefit rates for New Jersey Institute of Technology (NJIT), which were finalized on October 3, 2024. These rates are effective for the period from July 1, 2022 through June 30, 2024. Additionally, the New Jersey Innovation Institute, Inc. is now included as part of the NJIT agreement and covered under its terms. Consequently, New Jersey Institute of Technology and New Jersey Innovation Institute, Inc. did not utilize the 10% de minimus indirect cost rate, as provided by §200.414 Indirect Costs (F&A) of the Uniform Guidance. New Jersey Institute of Technology Indirect Cost Rates; Location: On-Campus, Applicable To: Research, Rate: 53.50%; Location: Off-Campus, Applicable To: Research, Rate: 26.00%; Fringe Benefit Rates; Location: All, Applicable To: Full-Time Employees (General & Education), Rate: 60.90%; Location: All, Applicable To: Full-Time Employees (Sponsored Programs), Rate: 36.30%; Location: All, Applicable To: Part-Time Employees (Excluding Summer Faculty), Rate: 9.50%; Location: All, Applicable To: Doctoral Students, Rate: 7.20%. New Jersey Innovation Institute, Inc. Indirect Cost Rates; Location: On-Campus, Applicable To: Other Sponsored Activities, Rate: 43.00%; Location: Off-Campus, Applicable To: Other Sponsored Activities, Rate: 42.10%; Fringe Benefit Rates; Location: All, Applicable To: Full-Time Employees, Rate: 24.60%; Location: All, Applicable To: Part-Time Employees, Rate: 9.40%.
The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program and the New Jersey College Loans to Assist State Students Program and, accordingly, these loans are not included in its basic financial statements. It is not practical to determine the balance of loans outstanding to students of the University under these programs at June 30, 2024. Additionally, the accompanying Schedule includes $45,751 related to the Federal Perkins Loan Program (Perkins), which is comprised of outstanding loan balances from prior years for which the University retains continuing compliance requirements, as stipulated by §200.502 of the Uniform Guidance. The following presents the activity of the Perkins Loan Program, Federal Assistance Listing number
84.038, for the year ended June 30, 2024: Outstanding Loan Balance at June 30, 2023 $78,751 Payments received (14,871) Funds Returned to U.S. Department of Education (7,820) Adjustments (9) Outstanding Loan Balance at June 30, 2024 $23,051
Title: 4. Matching
Accounting Policies: The accompanying schedules of expenditures of Federal awards and State of New Jersey awards, respectively, have been prepared in accordance with the requirements stipulated by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and, the State of New Jersey Department of the Treasury Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid (N.J. Treasury Circular 15-08), respectively. The purpose of these schedules is to present the respective expenditures of sponsored activities of New Jersey Institute of Technology (the University) for the year ended June 30, 2024, which have been awarded by either the Federal government or the State of New Jersey. For purposes of the accompanying schedules, Federal and State of New Jersey awards include any assistance provided by a Federal or State agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations, loan and loan guarantees, and other noncash assistance to the University, an entity defined in Note 1 of the University’s basic financial statements. Included within the accompanying schedules of expenditures of Federal awards and State of New Jersey awards are expenditures of $261,645 related to grants awarded to and expended by New Jersey Innovation Institute, Inc., a component unit of New Jersey Institute of Technology. Because the accompanying schedules present only a selected portion of the activities of the University, as required by Uniform Guidance and N.J. Treasury Circular 15-08, they are not intended to, and do not, purport to present either the net position of the University at June 30, 2024 or the changes in net position and cash flows for the year then ended. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of the University’s 2024 basic financial statements.
The accounting principles followed by the University in preparing the accompanying schedules, follow:
Expenditures for direct and indirect costs are recognized as incurred under the accrual basis of accounting in accordance with the provisions of Uniform Guidance and N.J. Treasury Circular 15-08 pursuant to which certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has negotiated the following Facilities and Administrative (F&A) or Indirect Cost rates and fringe benefit rates for New Jersey Institute of Technology (NJIT), which were finalized on October 3, 2024. These rates are effective for the period from July 1, 2022 through June 30, 2024. Additionally, the New Jersey Innovation Institute, Inc. is now included as part of the NJIT agreement and covered under its terms. Consequently, New Jersey Institute of Technology and New Jersey Innovation Institute, Inc. did not utilize the 10% de minimus indirect cost rate, as provided by §200.414 Indirect Costs (F&A) of the Uniform Guidance. New Jersey Institute of Technology Indirect Cost Rates; Location: On-Campus, Applicable To: Research, Rate: 53.50%; Location: Off-Campus, Applicable To: Research, Rate: 26.00%; Fringe Benefit Rates; Location: All, Applicable To: Full-Time Employees (General & Education), Rate: 60.90%; Location: All, Applicable To: Full-Time Employees (Sponsored Programs), Rate: 36.30%; Location: All, Applicable To: Part-Time Employees (Excluding Summer Faculty), Rate: 9.50%; Location: All, Applicable To: Doctoral Students, Rate: 7.20%. New Jersey Innovation Institute, Inc. Indirect Cost Rates; Location: On-Campus, Applicable To: Other Sponsored Activities, Rate: 43.00%; Location: Off-Campus, Applicable To: Other Sponsored Activities, Rate: 42.10%; Fringe Benefit Rates; Location: All, Applicable To: Full-Time Employees, Rate: 24.60%; Location: All, Applicable To: Part-Time Employees, Rate: 9.40%.
Matching costs, i.e., the nonfederal share and nonstate share of program costs, are not included in the accompanying schedules.