Institutional Federal Compliance Report 2021

STATE OF NEW YORK

Notes to Schedule of Expenditures of Federal Awards

March 31, 2018

(1) Summary of Significant Accounting Policies (a) Reporting Entity

For purposes of complying 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), the State of New York (State) is defined in a manner consistent with the entity defined in the State of New York Comprehensive Annual Financial Report (CAFR) as of and for the year ended March 31, 2018. The following entities, however, are excluded:

i. New York State and Local Retirement System, State Lottery, and the City University of New York Fund;

ii. Research Foundation of the State University of New York;

iii. All public benefit corporations, as defined in the CAFR (note 14), except for the following four public benefit corporations which are included:

1. Dormitory Authority of the State of New York,

2. New York State Energy Research and Development Authority,

3. Hugh L. Carey Battery Park City Authority, and

4. Housing Trust Fund Corporation.

Each of the excluded entities is subject to separate audits in compliance with the Uniform Guidance, as applicable. (b) Basis of Presentation The Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the State under programs of the federal government for the year ended March 31, 2018. The information in this Schedule is presented in accordance with the Uniform Guidance. The Schedule presents only a selected portion of the operations of the State; therefore, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the State. (c) Basis of Accounting Expenditures reported on the Schedule are generally reported on the cash basis of accounting, as reported by the Statewide Financial System (SFS). The expenditures reported on the Schedule are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. The negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The SFS provides the primary information from which the basic financial statements are prepared.

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