Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Institute has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Institute has federally-approved negotiated indirect cost rates of 40.60% for on-campus and 20% for off campus costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Erikson Institute (the Institute) under programs of the federal government for the year ended June 30, 2024. The information in this 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). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Institute. There were no federal awards expended for non-cash assistance or insurance for the year ended June 30, 2024.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Institute has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Institute has federally-approved negotiated indirect cost rates of 40.60% for on-campus and 20% for off campus costs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through entity identifying numbers are presented where available.
Title: Note 3. Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Institute has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Institute has federally-approved negotiated indirect cost rates of 40.60% for on-campus and 20% for off campus costs.
The Institute has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Institute has federally-approved negotiated indirect cost rates of 40.60% for on-campus and 20% for off campus costs.
Title: Note 4. Federal Direct Student Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Institute has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Institute has federally-approved negotiated indirect cost rates of 40.60% for on-campus and 20% for off campus costs.
During the fiscal year ended June 30, 2024, the Institute issued new loans to students under the Federal Direct Student Loan Program (FDLP). The value of loans issued for the FDLP is based on disbursed amounts. The loan amounts issued during the year are disclosed on the Schedule. The Institute is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in the Institute’s basic financial statements. Therefore, it is not practicable to determine the balance of loans outstanding made to students and former students of the Institute at June 30, 2024.