Notes to SEFA
Title: Note 4: Federal Loan Programs
Accounting Policies: 1. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of University of Saint Francis (University) under programs of the federal government for the period ended April 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). Because the Schedule presents only a selected portion of the operations of University of Saint Francis, it is not intended to and does not present the financial position, changes in net assets or cash flows of University of Saint Francis. 2. 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.
De Minimis Rate Used: N
Rate Explanation: University of Saint Francis has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed subsequently are administered directly by University of Saint Francis, and balances and transactions relating to these programs are included in University of Saint Francis’s basic financial statements. Loans outstanding at the beginning of the period and loans made during the period are included in the federal expenditures presented in the Schedule. The University does not have a balance outstanding at April 30, 2023, for the Federal Perkins Loan Program (CFDA 84.038). Subsequent to April 30, 2023, the University returned all Perkins funds that were outstanding in the amount of $7,620.
Title: Note 5: Subrecipients
Accounting Policies: 1. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of University of Saint Francis (University) under programs of the federal government for the period ended April 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). Because the Schedule presents only a selected portion of the operations of University of Saint Francis, it is not intended to and does not present the financial position, changes in net assets or cash flows of University of Saint Francis. 2. 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.
De Minimis Rate Used: N
Rate Explanation: University of Saint Francis has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
There were no subrecipients during the period ended April 30, 2023.