Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of The Cleveland Institute of Art under programs of the federal government for the year ended June 30, 2025. 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of The Cleveland Institute of Art, it is not intended to and does not present the financial position, changes in net assets or cash flows of The Cleveland Institute of Art.
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 in reimbursement.
The Cleveland Institute of Art has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Outstanding loan balances under the Perkins Loan Program were $359,853 as of June 30, 2025.