Notes to SEFA
Title: Loan/loan Guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Cleveland Institute of Music 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 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 Cleveland Institute of Music, it is not intended to and does not present the financial position, changes in net assets or cash flows of Cleveland Institute of Music. 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.
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 federal loan program listed subsequently is administered directly by the Institute and balances and transactions relating to this program is included in the Institute’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2024 consists of: Federal Perkins Loan Program $378,798
Title: Federal Awards to Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Cleveland Institute of Music 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 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 Cleveland Institute of Music, it is not intended to and does not present the financial position, changes in net assets or cash flows of Cleveland Institute of Music. 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.
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 provided no federal awards to subrecipients.