Notes to SEFA
Title: 1. Scope of Audit
Accounting Policies: Basis of Accounting Expenditures reported on the Schedule are reported on the accrual basis of accounting, consistent with the manner in which the University maintains its accounting records. All expenses and capital outlays are reported as expenditures. 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. Pass-through entity identifying numbers are presented where available. The University has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The University recognizes contributions from the Federal government when qualifying expenditures are incurred. The University participates in the Federal Direct Student Loan program. The value of loans presented in the Schedule of Expenditures of Federal Awards is equivalent to the amount of new loans during the year.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University of Guam (the University) is a component unit of the Government of Guam created by Public Law 13-194, The Higher Education Act, which became effective on November 3, 1976, as an autonomous agency of the Government of Guam. Only the financial statements of the University are included within the scope of the Single Audit.
Title: 2. Basis of Presentation
Accounting Policies: Basis of Accounting Expenditures reported on the Schedule are reported on the accrual basis of accounting, consistent with the manner in which the University maintains its accounting records. All expenses and capital outlays are reported as expenditures. 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. Pass-through entity identifying numbers are presented where available. The University has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The University recognizes contributions from the Federal government when qualifying expenditures are incurred. The University participates in the Federal Direct Student Loan program. The value of loans presented in the Schedule of Expenditures of Federal Awards is equivalent to the amount of new loans during the year.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awardactivity of the University under programs of the Federal government for the year ended September 302022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.SCode of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intendedto and does not present the financial position, changes in net position or cash flows of the University.