Notes to SEFA
Title: FEDERAL LOAN PROGRAMS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the University under programs of the federal government for the year ended May 31, 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 this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
The schedule of expenditures of federal awards excludes the federal grant activity of Norwich University Applied Research Institute.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards with the exception of Federal Assistance Listing Number 21.019, which follows criteria determined by the Department of Treasury for allowability of costs. Under these principles, certain types of expenditures are not allowable or are limited to reimbursement. 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The federal student loan programs listed subsequently are administered directly by the University, and balances and transactions relating to these programs are included in the University’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. Outstanding loans as of May 31, 2023 are as follows:
Federal Perkins Loan Program: Federal Assistance Listing No.: 84.038, Outstanding Loan Balance: $2,086
Nurse Faculty Loan Program: Federal Assistance Listing No.: 93.264, Outstanding Loan Balance: $107