Notes to SEFA
Title: FEDERAL LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the year ended December 31, 2022, New York College of Traditional Chinese Medicine acted as a pass-through agency for Direct Federal Stafford Loans (subsidized, unsubsidized and PLUS) to students and parents in the amount of $1,206,014.
Title: OTHER INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
New York College of Traditional Chinese Medicine did not receive any federal insurance or federal noncash assistance and did not provide any amounts to sub-recipients.