Notes to SEFA
The above schedule of expenditures of federal awards is for the federal financial assistance received by Virginia University of Integrative Medicine. 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). This schedule only presents a selected portion of the University’s operations and, as such, does not present the financial position, changes in net assets or cash flows of the University.
Expenditures are reported on the accrual basis of accounting, consistent with the basis of accounting used to prepare the University’s audited financial statements. 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 does not use the predetermined indirect rate of 10 percent. The Uniform Guidance requires that when loans are made to students but the institution of higher education does not make the loans, the value of the loans made during the year is considered federal awards expended for which the balance of loans for the previous audit period is not included as federal awards expended because the lender (U.S. Department of Education) accounts for these prior balances.