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. Universal Technology College of Puerto Rico, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: n/a
The Schedule of Expenditures of Federal Awards (the "Schedule") is presented on the accrual basis of accounting, and its purpose is to present, in summary form, the student financial assistance, training and other activities of Universal Technology College of Puerto Rico, Inc. for the year ended September 30, 2024, which have been financed by federal agencies. Catalog of Federal Domestic Assistance ("CFDA") numbers are presented for those programs for
which such numbers are available. Federal programs are presented, as appropriate, by Federal Department.
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. Universal Technology College of Puerto Rico, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: n/a
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. Universal Technology College of Puerto Rico, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance
Title: MAJOR FEDERAL AWARDS
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. Universal Technology College of Puerto Rico, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: n/a
The Student Financial Aid Cluster, Education Stabilization Fund and Higher Education Institutional Aid were the only major programs of the Institution for the year ended September 30, 20234
Title: CATALOG OF FEDERAL DOMESTIC ASSISTANCE (CFDA) NUMBER
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. Universal Technology College of Puerto Rico, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: n/a
The CFDA Numbers included in this schedule were determined based on the Catalog of Federal Domestic Assistance Agency Program Index.
Title: SUBRECIPIENTS
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. Universal Technology College of Puerto Rico, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: n/a
The Project did not provide awards to any subrecipients.