The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grants activity of Sistema Universitario Ana G. Méndez, Incorporado (“SUAGM”). The information in the 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 portion of the activities of SUAGM, it is not intended to, and does not present the financial position, changes in net assets, and cash flows of SUAGM.
The Schedule is presented using the accrual basis of accounting.
The FALN numbers included in the Schedule are determined based on the program name, review of grant contract information and the assistance listings in the System for Award Management (SAM.gov) website. FALN numbers are presented for those programs for which such numbers were available.
Matching costs, such as the nonfederal share of certain program costs, are not included in the accompanying Schedule.
During the fiscal year ended July 31, 2025, the SUAGM processed new loans under the Assistance Listing 84.268. The total amount included on the Schedule of Expenditures includes the new loans processed of $100,263,586 and $188,940 of adjustments related to loans processed in prior periods. Since SUAGM does not issue loans, the new loans processed in the fiscal year ended July 31, 2025 relating to this program are considered current year federal expenditures, whereas the outstanding loan balances are not. The new loans made in the fiscal year ended July 31, 2025 are reported in the Schedule of Expenditures of Federal Awards.
The regulations and guidelines governing the preparation of Federal financial reports vary by Federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the Federal financial reports do not necessarily agree with the amounts reported in the accompanying schedule, which is prepared on the basis of accounting described in Note 2. Office of Management and Budget under the Uniform Guidance requires that federal financial reports and claims for advances and reimbursements contain information that is supported by the books and records from which the basic financial statements have been prepared. The SUAGM prepares the federal financial reports and claims for reimbursements primarily based on information from the internal accounting records of the respective educational institutions: Universidad Ana G. Méndez – Carolina Campus, Universidad Ana G. Méndez – Cupey Campus and Universidad Ana G. Méndez – Gurabo Campus.
The Uniform Guidance defines a cluster of programs as a grouping of closely related programs that share common compliance requirements. According to this definition, the Research and Development, TRIO, and Student Financial Assistance, were identified as clusters.
The grant amounts received are subject to audit and adjustment. If any expenditure is disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the SUAGM. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
SUAGM did not use the ten (fifteen effective October 1, 2024) percent de minimis indirect cost rate allowed by the Uniform Guidance.