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, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement. a. The Schedule is prepared from the Institution’s accounting records and is not intended to present its financial position or the results of its operations. b. The financial transactions are recorded by the Institution in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America (US GAAP). c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first. d. Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditure may or may not be allowable or may be limited as to reimbursement.
The information included in the Schedule may not fully agree with other federal awards reports, submitted directly to federal grantor agencies because, among other reasons, the award report may (a) be prepared for a different fiscal period and (b) include cumulative data (from prior years) rather than data from the current year only.
Major programs are identified in the Summary of Auditors’ Results Section in the Schedule of Findings and Questioned Costs. Federal programs are presented by federal agencies.
Assistance Listing Number ("ALN") included in the Schedule are determined based on the program name, review of grant contract information and the public description of federal assistance listings published by the U.S. Government on sam.gov. The first two digits identify the federal department or agency that administers the program, and the last three numbers are assigned by numerical sequence.
The Institution participates in the Federal Direct Student Loans (Direct Loans) Program (ALN 84.268) of the U.S. Department of Education (USDE). Under the Direct Loans program, the Institution is responsible only for certain administrative duties, accordingly, the disbursements under the program and the outstanding loan balances are excluded from the financial statements of the Institution. However, Direct Loans are considered a component of the student financial assistance programs of the Institution, as such, new loans processed during the year ended July 31, 2025, amounting to $638,220, were included in the Schedule. Federal expenditures for Direct Loans are determined when loans are made to the students, accordingly, the balance of Direct Loans from previous years is not considered federal expenditures of the current year.
No federal grant dollar has been passed through to sub-recipien
On January 27, 2025, the OMB of the United States Federal Government instituted a pause (freeze) on the disbursement of federal grant and loan funds, which became effective on January 28, 2025. The extent to which the funding freeze impacts our operations, financial results, and cash flows, both current and future, will depend on future developments, which are highly uncertain and cannot be predicted with any measure of certainty or probability.