The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all federal awards programs administered by Metropolitan College of New York (the “College”), an independent nonprofit educational organization as defined in Note 1 to the College’s financial statements. Federal awards received directly from Federal agencies, as well as federal awards passed-through from other government agencies, are included on the Schedule. 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 (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, change in net assets or cash flows of the College.
The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable program and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger which is the source of the general purpose financial statements. 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 total amount provided to subrecipients from each federal program is presented on the face of the Schedule
The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Matching costs (i.e. the College’s share of certain program costs) are not included in the reported expenditures.
No insurance is carried specifically to cover equipment purchased with federal funds. Equipment purchased with federal funds is covered by the College’s casualty insurance policy. There were no loans or loan guarantees outstanding at year end.
The College determined that all federal programs with expenditures exceeding $1,000,000 were Type A programs for purposes of the Uniform Guidance. The College was deemed to be a “high-risk auditee”, therefore, major programs were determined based on 40% of total federal award expenditures.
The College’s primary program is Student Financial Assistance which represents those awards that provide general student financial assistance. They include the Federal Direct Student Loans, Federal Pell Grant Program, Federal Work-Study (FWS) Program, Teacher Education Assistance for College and Higher Education Grants and Federal Supplemental Educational Opportunity Grants. Direct Loan Programs are issued to students of the College by various financial institutions. These loans are considered for purposes of determining major programs. The College is only responsible for the performance of certain administrative duties with respect to the Direct Loan Programs; therefore, the net assets and transactions related to this program are not included in the College’s financial statements and it is not practicable to determine the balance of loans outstanding to students and former students of the College under these programs at December 31, 2025