Title: Note 1 - Basis of presentation
Accounting Policies: a.
The Schedule is prepared from the University’s accounting records and is not intended to present its financial position or the results of its operations.
b.
The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America.
c.
Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.
d.
Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
e.
The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying supplemental schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Dewey University, Inc. (the University) and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used, in the preparation of the University’s financial statements.
Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present the financial position, changes in net assets, and cash flows of the University. Funds received for students’ financial assistance (principally, Pell Grant and Direct Loans) that are awarded directly to students for educational purposes are excluded from revenues and expenses. These grants are applied to the students’ tuition and fees, and any excess is paid to the students.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: a.
The Schedule is prepared from the University’s accounting records and is not intended to present its financial position or the results of its operations.
b.
The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America.
c.
Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.
d.
Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
e.
The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
a.
The Schedule is prepared from the University’s accounting records and is not intended to present its financial position or the results of its operations.
b.
The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America.
c.
Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.
d.
Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
e.
The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3 - Assistance Listing Number (ALN)
Accounting Policies: a.
The Schedule is prepared from the University’s accounting records and is not intended to present its financial position or the results of its operations.
b.
The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America.
c.
Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.
d.
Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
e.
The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The ALN included in the Schedule are determined based on the program name, review of grant contract information and the public description of federal assistance listings published by the U.S. Government on sam.gov.
Title: Note 4 - Major federal programs
Accounting Policies: a.
The Schedule is prepared from the University’s accounting records and is not intended to present its financial position or the results of its operations.
b.
The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America.
c.
Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.
d.
Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
e.
The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Major federal programs are identified in the Summary of Auditors’ Results Section in the Schedule of Findings and Questioned Costs. Federal programs are presented by federal agency.
Title: Note 5 - Loan Program
Accounting Policies: a.
The Schedule is prepared from the University’s accounting records and is not intended to present its financial position or the results of its operations.
b.
The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America.
c.
Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.
d.
Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
e.
The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The University participates in the Federal Direct Student Loans (Direct Loans) Program (ALN 84.268) of the U.S. Department of Education (USDE). Under the Direct Loans program, the University is responsible only for certain administrative duties, accordingly, the disbursements under the program and the outstanding loan balances are excluded from the financial statements of the University.
However, Direct Loans are considered a component of the student financial assistance programs of the University, as such, new loans processed during the year ended June 30, 2024 amounting to $3,924,222 were included in the Schedule. Federal expenditures for Direct Loans are determined when loans are made to the students, accordingly, the balance of Direct Loans from previous years is not considered federal expenditures for the current year.