Title: Basis of Accounting and Summary of Significant Accounting Policies
Accounting Policies: The schedule of expenditures of federal awards (the “SEFA”) includes the federal award activity of the University under programs of the federal government for the year ended September 30, 2024. The information in the SEFA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the SEFA presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, activities and changes in net assets, or cash flows of the University. Federal direct and indirect programs are presented by federal department and by individual federal awards. Assistance Listing Number (ALN) for federal programs, pass through entity, and grant number are presented for all individual awards, where applicable. For the year ended September 30, 2024, the University did not provide any amounts to subrecipients.
The SEFA has been prepared in accordance with the accrual basis of accounting and with accounting principles generally accepted in the United States of America and is consistent with the preparation of the University’s financial statements. Amounts reflected in the SEFA include only expenditures of federal awards. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University only includes direct costs in federal expenditures; accordingly, it has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of federal awards (the “SEFA”) includes the federal award activity of the University under programs of the federal government for the year ended September 30, 2024. The information in the SEFA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the SEFA presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, activities and changes in net assets, or cash flows of the University.
Federal direct and indirect programs are presented by federal department and by individual federal awards. Assistance Listing Number (ALN) for federal programs, pass through entity, and grant number are presented for all individual awards, where applicable. For the year ended September 30, 2024, the University did not provide any amounts to sub-recipients.
The SEFA has been prepared in accordance with the accrual basis of accounting and with accounting principles generally accepted in the United States of America and is consistent with the preparation of the University’s financial statements. Amounts reflected in the SEFA include only expenditures of federal awards. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The University participates in Federal Direct Student Loans, a program that makes interest subsidized or unsubsidized Stafford loans available to students, or PLUS loans available to graduate or professional students or to parents of dependent students. Loan funds are provided by the US Department of Education, and the University is responsible only for the performance of certain administrative duties with respect to Federal Direct Student Loans, and accordingly, these loans are not included in the financial statements.
The Federal Pell Grant Program provides grants to eligible undergraduate students and is intended to provide a foundation of financial aid. Grant funds are provided by the US Department of Education, and the University is responsible only for the performance of certain administrative duties with respect to the Federal Pell Grant Program.
Expenditures for federal student financial aid programs are recognized as incurred and include earnings for the Federal Work Study Program and Federal Supplemental Educational Opportunity Grant Program, where applicable.
Title: De minimis indirect cost rate
Accounting Policies: The schedule of expenditures of federal awards (the “SEFA”) includes the federal award activity of the University under programs of the federal government for the year ended September 30, 2024. The information in the SEFA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the SEFA presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, activities and changes in net assets, or cash flows of the University. Federal direct and indirect programs are presented by federal department and by individual federal awards. Assistance Listing Number (ALN) for federal programs, pass through entity, and grant number are presented for all individual awards, where applicable. For the year ended September 30, 2024, the University did not provide any amounts to subrecipients.
The SEFA has been prepared in accordance with the accrual basis of accounting and with accounting principles generally accepted in the United States of America and is consistent with the preparation of the University’s financial statements. Amounts reflected in the SEFA include only expenditures of federal awards. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University only includes direct costs in federal expenditures; accordingly, it has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The University only includes direct costs in federal expenditures; accordingly, it has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Relationship to Federal Financial Reports
Accounting Policies: The schedule of expenditures of federal awards (the “SEFA”) includes the federal award activity of the University under programs of the federal government for the year ended September 30, 2024. The information in the SEFA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the SEFA presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, activities and changes in net assets, or cash flows of the University. Federal direct and indirect programs are presented by federal department and by individual federal awards. Assistance Listing Number (ALN) for federal programs, pass through entity, and grant number are presented for all individual awards, where applicable. For the year ended September 30, 2024, the University did not provide any amounts to subrecipients.
The SEFA has been prepared in accordance with the accrual basis of accounting and with accounting principles generally accepted in the United States of America and is consistent with the preparation of the University’s financial statements. Amounts reflected in the SEFA include only expenditures of federal awards. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University only includes direct costs in federal expenditures; accordingly, it has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The regulations and guidelines governing the preparation of federal financial reports vary by federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the federal financial reports may not necessarily agree with the amounts reported in the accompanying SEFA, which is prepared as explained in Notes above.