Notes to SEFA
Title: Note 2 - Contingency
Accounting Policies: The accompanying schedule of expenditures of federal awards (the"S" schedule) includes the federal grant activity of the University of Fort Lauderdale and is presented on the accrual basis of accounting. The information in this Schedules 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/ or Federal Awards (Uniform Guidance). Therefore, some amounts presented this Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The organization has elected not to use the 10% de minims indirect cost rate for its federal programs fr the year ended June 30, 2022. The indirect cost rates used by the Organization's federal programs are determined by the relevant federal agency.
Amounts received and receivable from grantor agencies are subject to audit and adjustment by those agencies. Any disallowed claims, including amounts already received, might constitute a liability of the Organization for the return of those funds. In the opinion of management, all grant expenditures were in compliance with the terms of the grant agreements and applicable federal laws and obligations.
Title: Note 3 - Direct Student Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the"S" schedule) includes the federal grant activity of the University of Fort Lauderdale and is presented on the accrual basis of accounting. The information in this Schedules 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/ or Federal Awards (Uniform Guidance). Therefore, some amounts presented this Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The organization has elected not to use the 10% de minims indirect cost rate for its federal programs fr the year ended June 30, 2022. The indirect cost rates used by the Organization's federal programs are determined by the relevant federal agency.
UFTL originates but does not provide funding for Federal Direct Student Loans (FDSLs). The amount presented represents the value of new FDSLs awarded by the U.S. Department of Education as follows: Program TitleFederal CFDA NumberAmount Awarded Federal Direct Stafford Loans84.268 $290,420: Federal Direct Unsubsidized Stafford Loans84.268$372,425: Federal Direct PLUS loans 84.268 $78,803. Total Federal Direct Student Loans$741,648.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the"S" schedule) includes the federal grant activity of the University of Fort Lauderdale and is presented on the accrual basis of accounting. The information in this Schedules 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/ or Federal Awards (Uniform Guidance). Therefore, some amounts presented this Schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The organization has elected not to use the 10% de minims indirect cost rate for its federal programs fr the year ended June 30, 2022. The indirect cost rates used by the Organization's federal programs are determined by the relevant federal agency.
The Organization has elected to not use the 10% de minimus indirect cost rate for its federal programs for the year ended June 30, 2022. The indirect cost rates used by the Organizations federal programs are determined by the relevant federal agency.