Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Seminary has elected not to use the 10-percent de minimis indirect cost rate allowable under the Uniform Guidance. The Seminary is reimbursed for programmatic and administrative costs in accordance with rules set forth by the Department of Education. In 2022, the Seminary did not claim administrative cost allowances.
The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal
award activity of Union Theological Seminary in the City of New York (the “Seminary”),
under programs of the Federal government for the year ended June 30, 2022. The
information in this Schedule is presented in accordance with 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.
Title: Federal Direct Student Loans
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Seminary has elected not to use the 10-percent de minimis indirect cost rate allowable under the Uniform Guidance. The Seminary is reimbursed for programmatic and administrative costs in accordance with rules set forth by the Department of Education. In 2022, the Seminary did not claim administrative cost allowances.
The Seminary is responsible only for the performance of certain administrative duties with
respect to the Federal Direct Student Loans and, accordingly, these loans are not included
in the Seminary’s basic financial statements. It is not practical to determine the balance of
loans outstanding to students of the Seminary under this program as of June 30, 2022.
Title: Federal Perkins Loan Program
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Seminary has elected not to use the 10-percent de minimis indirect cost rate allowable under the Uniform Guidance. The Seminary is reimbursed for programmatic and administrative costs in accordance with rules set forth by the Department of Education. In 2022, the Seminary did not claim administrative cost allowances.
The Federal Perkins Loan Program is administered directly by the Seminary and balances
and transactions relating to this program are included in the Seminary’s basic financial
statements. There were no new loans made during the year ended June 30, 2022. The
balances of loans outstanding at June 30, 2022 are $669,570.