NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

• GASB Statement No. 99, Omnibus 2022., Issued 04/22. The requirements related to extension of the use of LIBOR, accounting for SNAP distributions, disclosures of nonmonetary transactions, pledges of future revenues by pledging governments, clarification of certain provisions in Statement 34, as amended, and terminology updates related to Statement 53 and Statement 63 are effective upon issuance. The requirements related to leases, PPPs, and SBITAs are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. he requirements related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement 53 are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter
• GASB Statement No. 100, Accounting Changes and Error Corrections-An Amendment of GBASB Statement No. 62, the primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. effective for accounting changes and error corrections made in fiscal years beginning after June 15, 2023, and all reporting periods thereafter.
• GASB Statement No. 101, Compensated Absences (Issued 06/22) — The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures, effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter.

The University's management has not yet determined the effect these statements will have on the University's financial statements.

Business Disruption: In March 2020, the World Health Organization declared the coronavirus (COVID-19) outbreak to be a global pandemic. COVID-19 has impacted economic activity and financial markets globally and has resulted in a decrease in various auxiliary revenues that the University is dependent upon due to closing the campus in March 2020. The continued spread of the disease represents a risk that operations could be disrupted in the near future. The extent to which COVID-19 impacts the University will depend on future developments, which are still highly uncertain and cannot be predicted. As a result of the COVID-19 pandemic, the University received an allocation of Higher Education Emergency Relief Funding (HEERF II) under the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act totaling $2,817,902, of which $1,825,971 was expended and recognized as revenue during the year ended June 30, 2021. The remaining $991,931 is reimbursable and expected to be expended and recognized as revenue when allowable expenses are incurred during fiscal year 2022. The University also received an allocation of Higher Education Emergency Relief Funding (HEERF III) under the American Rescue Plan (ARP) totaling $4,015,204, none of which has been expended and recognized as revenue during the year ended June 30, 2021. Additionally, the University was awarded Higher Education Emergency Relief Funding (HEERF I) through the Coronavirus Aid, Relief, and Economic Securities (CARES) Act totaling $19,814,253. $5,835,476 of this award was expended and recognized as revenue during the year ended June 30, 2021. As of June 30, 2020, the University also deferred employer Social Security taxes in the amount of $1,430,451 as allowed under the CARES Act to provide more liquidity to the University during the pandemic. The University is expected to make payment of half of the deferred taxes by December 31, 2021 and deposit the remaining liability by December 31, 2022.

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