Audit 34989

Title: General Accounting Policies: This Schedule has been prepared in accordance with accounting principles generally acceptedin the United States of America (GAAP) and in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance).Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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 auditee did not use the de minimis cost rate. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents theactivity of all federal award programs of St. John Fisher College and Subsidiaries (collectively,the Organizations). Because the Schedule presents only a selected portion of the operationsof the Organizations, it is not intended, and does not, present the consolidated financialposition or changes in net assets and activities of the Organizations.For the purposes of the Schedule, federal awards include all grants, contracts, and similaragreements entered into directly between the Organizations and agencies and departments ofthe federal government as well as federal awards passed through other agencies. Studentfinancial aid includes certain awards to provide financial assistance to students, primarily underthe Federal Work-Study, Pell Grant and Supplemental Educational Opportunity Grantprograms of the Department of Education. The Organizations also receive awards to makeloans to eligible students under certain federal student loan programs and federally guaranteedloans are issued to students of the Organizations by the Federal government. These loans areconsidered for the purposes of determining whether student financial aid is a major or nonmajorprogram.