Title: 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
De Minimis Rate Used: N
Rate Explanation: The University does not have a federally negotiated indirect cost rate applicable to the programs. The University does not use the 10 percent de minimum cost rate provided for in the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Caribbean University, Inc. 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 the Caribbean University, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Caribbean University, Inc.
Title: 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
De Minimis Rate Used: N
Rate Explanation: The University does not have a federally negotiated indirect cost rate applicable to the programs. The University does not use the 10 percent de minimum cost rate provided for in the Uniform Guidance
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
Title: Federal 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
De Minimis Rate Used: N
Rate Explanation: The University does not have a federally negotiated indirect cost rate applicable to the programs. The University does not use the 10 percent de minimum cost rate provided for in the Uniform Guidance
The value of loans processed by the University for eligible students under federal direct student loan program for the year ended June 30, 2024 amounted to $7,112,291 as presented in the schedule of federal expenditures.
Title: Administrative costs
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
De Minimis Rate Used: N
Rate Explanation: The University does not have a federally negotiated indirect cost rate applicable to the programs. The University does not use the 10 percent de minimum cost rate provided for in the Uniform Guidance
The University does not have a federally negotiated indirect cost rate applicable to the programs. The University does not use the 10 percent de minimum cost rate provided for in the Uniform Guidance.
Title: Assistance Listing Number (ALN)
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
De Minimis Rate Used: N
Rate Explanation: The University does not have a federally negotiated indirect cost rate applicable to the programs. The University does not use the 10 percent de minimum cost rate provided for in the Uniform Guidance
The ALN included in this schedule are determined based on the program name, review of grant contract information and the U.S. Office of Management and Budget’s Catalogue of Federal Assistance Listing
Title: Student financial aid – Program cluster
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
De Minimis Rate Used: N
Rate Explanation: The University does not have a federally negotiated indirect cost rate applicable to the programs. The University does not use the 10 percent de minimum cost rate provided for in the Uniform Guidance
For the year ended June 30, 2024 the University received and disbursed $8,637,762 in Title IV Funds of Higher Education Act of 1965 (SFA Cluster Programs); and $7,112,291 in Federal Direct Students Loans in which the University acts as agent for the recipient