Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activity of Manhattan School of Music (the "School") for the year ended June 30, 2025 and is presented on the accrual basis of accounting. 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). Because the Schedule presents only a selected portion of the operations of the School, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the School. 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 School has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The School participates in the Federal Direct Student Loans Program and Federal PLUS Loans (PLUS). The dollar amounts are listed in the schedule of federal awards although the School is not the recipient of the funds. The amounts presented represents the value of new Federal Direct Student Loans awarded during the year as follows: Subsidized $ 625,357 Unsubsidized 2,833,628 PLUS 6,692,501 Federal Direct Student Loan Program $ 10,151,486