Notes to SEFA
Title: Note 4: Federal Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Adler University and Subsidiary (University) under programs of the federal government for the year ended August 31, 2022. The information in this 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 University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University. 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University disbursed funds under the Federal Direct Loan Program, including Federal Unsubsidized Stafford Loans during the current year. The dollar amounts of loans processed under the Federal Direct Loan Program during the year ended August 31, 2022, are listed in the schedule of expenditures of federal awards, although the University is not the recipient of the funds. Such amounts are considered a component of the student financial assistance cluster. The University does not administer any other loan programs.
Title: Note 5:Amounts Required for Matching
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Adler University and Subsidiary (University) under programs of the federal government for the year ended August 31, 2022. The information in this 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 University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University. 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
To comply with program requirements, amounts that are required to be expended from nonfederal sources have been excluded from reported expenditures. The Universitys portion of expenditures as of August 31, 2022, was as follows: Federal Work Study, 84.033, $84,442.