Notes to SEFA
Title: Indirect Cost Rate
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.
Expenditures for federal student financial aid programs include the federal portion of students’ Federal Supplemental Educational Opportunity Grants and Federal Work-Study program grants, certain other federal financial aid for students, and administrative cost allowances, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Federal Perkins Loan Progam
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.
Expenditures for federal student financial aid programs include the federal portion of students’ Federal Supplemental Educational Opportunity Grants and Federal Work-Study program grants, certain other federal financial aid for students, and administrative cost allowances, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to this program are included in the University’s basic consolidated financial statements. No Federal Perkins Loan Program funds were disbursed to students during the year ended June 30, 2023. The balance of loans outstanding under the Federal Perkins Loan Program was $2,686,384 as of June 30, 2023.
Title: Inter-Program Transfer
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.
Expenditures for federal student financial aid programs include the federal portion of students’ Federal Supplemental Educational Opportunity Grants and Federal Work-Study program grants, certain other federal financial aid for students, and administrative cost allowances, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal Supplemental Educational Opportunity Grant expenditures include $172,657 transferred from the Federal Work-Study program allocation.
Title: Sub-Recipients
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.
Expenditures for federal student financial aid programs include the federal portion of students’ Federal Supplemental Educational Opportunity Grants and Federal Work-Study program grants, certain other federal financial aid for students, and administrative cost allowances, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no funds provided to sub-recipients during the year ended June 30, 2023.