Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General - For purposes of the Schedule, expenditures for federal award programs are recognized 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: NOTE 3 – INDIRECT COST RATE The University has not elected to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal expenditures of the University of Mobile (the University) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented 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). Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the financial statements. All federal financial awards have been included in the Schedule.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the
federal government and all sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar grants.
Student Financial Assistance - Student financial assistance includes certain awards to provide financial assistance to students, primarily under Federal Work-Study (FWS), Federal Pell Grants (Pell), Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Direct Student Loans (FDL), and Federal Perkins Loans (Perkins).
Title: NOTE 4 – FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General - For purposes of the Schedule, expenditures for federal award programs are recognized 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: NOTE 3 – INDIRECT COST RATE The University has not elected to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
Federal Perkins Loan Program - The federal student loan program listed below is administered directly by the University. Balances and transactions related to this program are included in the University’s basic financial statements. The amount of federal expenditures under the Federal Perkins Loan Program in the accompanying schedule of expenditures of federal awards includes the balance of loans outstanding under the Federal Perkins Loan Program of $5,102 as of July 1, 2022. The Federal Perkins Loan Program expired September 30, 2017, and no disbursements are permitted under the program after July 1, 2018. In March 2023, the University completed the process of liquidating the Perkins Loan Program. No Perkins loan disbursements were made by the University during the year ended June 30, 2023. There were no loans outstanding at June 30, 2023.
Federal Direct Student Loans - The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans Program. Accordingly, balances and transactions relating to this loan program are not included in the University’s general purpose financial statements. Therefore, it is not practical to determine the balance of such loans outstanding to students and former students of the University at June 30, 2023. During the year ended June 30, 2023, the University processed $8,264,182 of new loans under the Federal Direct Student Loans Program (ALN 84.268).
Title: NOTE 5 – RECONCILIATION OF THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE STATEMENT OF ACTIVITIES
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General - For purposes of the Schedule, expenditures for federal award programs are recognized 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: NOTE 3 – INDIRECT COST RATE The University has not elected to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
Amounts reported in the accompanying Schedule may not agree with amounts reported in the related Federal financial reports filed with grantor agencies because of accruals which would be included in the next report filed with the agencies.
Total federal awards per the accompanying Schedule reconciles to the federal grant revenue reported in the University’s financial statements as follows:
Total federal grants as reported in the financial statements $ 183,273
Administration expenses 14,428
Federal Pell Grant Program - agency transaction 2,504,925
Federal Perkins Loan Program 5,102
Federal Direct Student Loan Program 8,264,182
Federal Awards Per Accompanying Schedule $ 10,971,910