Notes to SEFA
Title: GENERAL INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Pennsylvania Academy of the Fine Arts (“PAFA”). All awards received directly from federal agencies as well as financial assistance passed through other governmental agencies or non-profit organizations are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: PAFA did not pass any awards through to subrecipients.
The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Pennsylvania Academy of the Fine Arts (“PAFA”). All awards received directly from federal agencies as well as financial assistance passed through other governmental agencies or non-profit organizations are included on the schedule.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Pennsylvania Academy of the Fine Arts (“PAFA”). All awards received directly from federal agencies as well as financial assistance passed through other governmental agencies or non-profit organizations are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: PAFA did not pass any awards through to subrecipients.
PAFA did not pass any awards through to subrecipients.
Title: MATCHING CONTRIBUTIONS
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Pennsylvania Academy of the Fine Arts (“PAFA”). All awards received directly from federal agencies as well as financial assistance passed through other governmental agencies or non-profit organizations are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: PAFA did not pass any awards through to subrecipients.
The amounts reported in the accompanying Schedule of Expenditures of Federal Awards do not include matching contributions made by the PAFA. PAFA made matching contributions to the following federal awards: Federal Work-Study Program $8,936 Promotion of the Arts grants to organizations and individuals 50,000 Federal Supplemental Educational Opportunity Grants 5,672 $64,608
Title: FEDERAL DIRECT STUDENT LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Pennsylvania Academy of the Fine Arts (“PAFA”). All awards received directly from federal agencies as well as financial assistance passed through other governmental agencies or non-profit organizations are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: PAFA did not pass any awards through to subrecipients.
The Federal Direct Student Loans (Federal CFDA Number 84.268) are comprised of the following types of loans: Plus Loans $484,204 Stafford Loans 225,614 Unsubsidized Stafford Loans 753,751 Total Federal Direct Student Loans $1,463,569