Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: AGMU has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of federal awards (“Schedule”) includes the federal grants activity of Ana G. Méndez University, Inc. (“University”). The information in the 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 University, they are not intended to, and does not, present the financial position, changes in net assets, or cash flows of the University.
Title: Note 2 - Summary of Significant Accounting Policiies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: AGMU has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Title: Note 3 - Indirect Cost Rate Election
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: AGMU has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 - Matching Costs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: AGMU has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Matching costs, such as the nonfederal share of certain program costs, are not included in the Schedule.
Title: Note 5 - Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: AGMU has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
For purposes of the Schedule, loans made to students under the Federal Direct Student Loans program are presented as federal expenditures. Neither the funds assigned to students, nor the outstanding loan balance are included in the financial statements, since the loans are made by and subsequently collected by the federal government.
Title: Note 6 - Contingencies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: AGMU has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The grant amounts received are subject to audit and adjustment. If any expenditure is disallowed by the grantor agencies as a result of such an audit, any claim or reimbursement to the grantor agencies would become a liability of the University. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.