Notes to SEFA
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 has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Long Island University (the University) under programs of the federal government for the year ended August 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 US 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, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University.
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 has elected not to use the 10 percent de minimis indirect cost rate as allowed under 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. The University has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Federal Loan Programs
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 has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
For the Federal Direct Loan Program, the University is responsible only for the performance of certain administrative duties; therefore, the program’s net assets and transactions are not included in the University’s financial statements, and it is not practicable to determine the balances of loans outstanding to students of the University under this program at August 31, 2024.
The University administers the Federal Perkins and Health Professions Student (HPS) loan programs. Federal Perkins and HPS loans outstanding at August 31, 2024 were $1,384,029 and $5,620,396, respectively. In accordance with certain presentation requirements, the Schedule includes the amount outstanding at August 31, 2023 for Federal Perkins and HPS loans of $1,857,935 and $6,082,813, in addition to HPS loans disbursed in fiscal 2024 of $374,325. There were no administrative costs claimed for the Federal Perkins and HPS programs in fiscal 2024.