Notes to SEFA
Title: FEDERAL DIRECT STUDENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of New Brunswick Theological Seminary of the Reformed Church in America (the “Seminary”) under programs of the federal government for the year ended June 30, 2023 (the "schedule"). 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 Seminary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Seminary.
The schedule is presented using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. 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 amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Seminary is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program and, accordingly, these loans are not included in its basic financial statements. Loan amounts included in the schedule represent only new loans advanced in the current year. It is not practical to determine the balance of loans outstanding to students of the Seminary under these programs at June 30, 2023.
Title: INDIRECT COSTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of New Brunswick Theological Seminary of the Reformed Church in America (the “Seminary”) under programs of the federal government for the year ended June 30, 2023 (the "schedule"). 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 Seminary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Seminary.
The schedule is presented using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. 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 amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Seminary does not have a federally negotiated indirect cost rate on its federal contracts, and the Seminary has not made an election pursuant to the Uniform Guidance to use the 10% de minimis cost rate.