Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the expenditures of federal awards of Soka University of America (the University) 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 (CFR) 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. The University’s reporting entity is defined in Note 1 of the University’s financial statements. All federal awards from federal agencies are included in the Schedule.
The accompanying Schedule is presented using the accrual basis of accounting, whereby eligible grant expenditures are recorded when incurred (i.e., when goods are received or services provided). Such expenditures are recognized following the cost principles in Title 2 U.S. CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited as to reimbursement.
The University does not have any indirect cost rates with grant programs on the accompanying schedule and therefore elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The University did not pass through any awards to subrecipients for the year ended June 30, 2025.