Title: Note 1: Basis of Presentation
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. Negative amounts shown on the Schedule, if any, 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 minimis indirect cost rate allowed under the Uniform Guidance. When eligible, the University uses the negotiated indirect cost rate.
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
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). Because the Schedule
presents only a selected portion of the operations of the University, it is not intended to and does not
present the financial position, changes in net assets or cash flows of the University.
Title: Note 2: Summary of Significant Accounting Policies
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. Negative amounts shown on the Schedule, if any, 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 minimis indirect cost rate allowed under the Uniform Guidance. When eligible, the University uses the negotiated indirect cost rate.
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. Negative
amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
Title: Note 3: 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. Negative amounts shown on the Schedule, if any, 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 minimis indirect cost rate allowed under the Uniform Guidance. When eligible, the University uses the negotiated indirect cost rate.
The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance. When eligible, the University uses the negotiated indirect cost rate.
Title: Note 4: Federal Loan Programs
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. Negative amounts shown on the Schedule, if any, 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 minimis indirect cost rate allowed under the Uniform Guidance. When eligible, the University uses the negotiated indirect cost rate.
The federal 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. The balance of loans outstanding at
June 30, 2023 consists of: FALN 84.038 Federal Perkins Loan Program oustanding balance as of June 30, 2023 of $411,121 and FALN 93.342 Health Professions Student Loans Including Primary Loans/Loans for Disadvantaged Students of $2,008,603.