Notes to SEFA
Title: Basis of accounting
Accounting Policies: Accrual based accounting
De Minimis Rate Used: N
Rate Explanation: The School does not apply an indirect cost rate to federal awards
The Schedule of expenditures of federal awards is presented on the accrual basis of accounting
Title: Student Financial Aid expenditures
Accounting Policies: Accrual based accounting
De Minimis Rate Used: N
Rate Explanation: The School does not apply an indirect cost rate to federal awards
The School recognizes expenditures as they are incurred. Expenditures include: payments to students and allowed administrative costs.
Title: Payments to students
Accounting Policies: Accrual based accounting
De Minimis Rate Used: N
Rate Explanation: The School does not apply an indirect cost rate to federal awards
Student financial aid is posted directely to student accounts for tuition, housing and other fees associated with their education
Title: Indirect cost
Accounting Policies: Accrual based accounting
De Minimis Rate Used: N
Rate Explanation: The School does not apply an indirect cost rate to federal awards
SUM does not apply an indirect cost rate to Federal Awards