Notes to SEFA
Title: GENERAL
Accounting Policies: This Schedule has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and 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).
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 Organizations have elected not to use the 10% de minimis indirect cost rate as allowed
under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of St. John Fisher College and Subsidiaries (collectively, the Organizations). Because the Schedule presents only a selected portion of the operations of the Organizations, it is not intended, and does not, present the consolidated financial position or changes in net assets and activities of the Organizations.
For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the Organizations and agencies and departments of
the federal government as well as federal awards passed through other agencies. Student financial aid includes certain awards to provide financial assistance to students, primarily under the Federal Work-Study, Pell Grant and Supplemental Educational Opportunity Grant programs of the Department of Education. The Organizations also receive awards to make loans to eligible students under certain federal student loan programs and federally guaranteed loans are issued to students of the Organizations by the Federal government. These loans are considered for the purposes of determining whether student financial aid is a major or nonmajor program.