Title: BASiS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS (THE "SCHEDULE") SUMMARIZES THE EXPENDITURES INCURRED UNDER ALL FEDERAL AND STATE PROGRAMS RECEIVED BY THE UNIVERSITY FOR THE YEAR ENDED MAY 31, 2023 AND HAS BEEN PREPARED USING THE ACCRUAL BASIS OF ACCOUNTING. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF CAMPBELL UNIVERSITY (THE "UNIVERSITY"), IT IS NOT INTENDED TO AND DOES NOT PRESENT THE CONSOLIDATED FINANCIAL POSITION, RESULTS OF ACTIVITIES, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE UNIVERSITY. FOR PURPOSES OF THE SCHEDULE, FEDERAL AND STATE AWARDS INCLUDE ALL GRANTS, CONTRACTS, AND SIMILAR AGREEMENTS ENTERED INTO DIRECTLY BETWEEN THE UNIVERSITY AND AGENCIES AND DEPARTMENTS OF THE FEDERAL AND STATE GOVERNMENT OR SUBAWARDS. THE INFORMATION IN THE 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") AND THE NORTH CAROLINA NEED-BASED SCHOLARSHIP PROGRAM AND NORTH CAROLINA FORGIVABLE EDUCATION LOANS FOR SERVICE PROGRAM COMPLIANCE SUPPLEMENT GUIDES ("STATE GUIDANCE").
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.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS (THE "SCHEDULE") SUMMARIZES THE EXPENDITURES INCURRED UNDER ALL FEDERAL AND STATE PROGRAMS RECEIVED BY THE UNIVERSITY FOR THE YEAR ENDED MAY 31, 2023 AND HAS BEEN PREPARED USING THE ACCRUAL BASIS OF ACCOUNTING. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF CAMPBELL UNIVERSITY (THE "UNIVERSITY"), IT IS NOT INTENDED TO AND DOES NOT PRESENT THE CONSOLIDATED FINANCIAL POSITION, RESULTS OF ACTIVITIES, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE UNIVERSITY. FOR PURPOSES OF THE SCHEDULE, FEDERAL AND STATE AWARDS INCLUDE ALL GRANTS, CONTRACTS, AND SIMILAR AGREEMENTS ENTERED INTO DIRECTLY BETWEEN THE UNIVERSITY AND AGENCIES AND DEPARTMENTS OF THE FEDERAL AND STATE GOVERNMENT OR SUBAWARDS. THE INFORMATION IN THE 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") AND THE NORTH CAROLINA NEED-BASED SCHOLARSHIP PROGRAM AND NORTH CAROLINA FORGIVABLE EDUCATION LOANS FOR SERVICE PROGRAM COMPLIANCE SUPPLEMENT GUIDES ("STATE GUIDANCE").
Title: CONTINGENCY
Accounting Policies: THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS (THE "SCHEDULE") SUMMARIZES THE EXPENDITURES INCURRED UNDER ALL FEDERAL AND STATE PROGRAMS RECEIVED BY THE UNIVERSITY FOR THE YEAR ENDED MAY 31, 2023 AND HAS BEEN PREPARED USING THE ACCRUAL BASIS OF ACCOUNTING. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF CAMPBELL UNIVERSITY (THE "UNIVERSITY"), IT IS NOT INTENDED TO AND DOES NOT PRESENT THE CONSOLIDATED FINANCIAL POSITION, RESULTS OF ACTIVITIES, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE UNIVERSITY. FOR PURPOSES OF THE SCHEDULE, FEDERAL AND STATE AWARDS INCLUDE ALL GRANTS, CONTRACTS, AND SIMILAR AGREEMENTS ENTERED INTO DIRECTLY BETWEEN THE UNIVERSITY AND AGENCIES AND DEPARTMENTS OF THE FEDERAL AND STATE GOVERNMENT OR SUBAWARDS. THE INFORMATION IN THE 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") AND THE NORTH CAROLINA NEED-BASED SCHOLARSHIP PROGRAM AND NORTH CAROLINA FORGIVABLE EDUCATION LOANS FOR SERVICE PROGRAM COMPLIANCE SUPPLEMENT GUIDES ("STATE GUIDANCE").
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.
THE FEDERAL AND STATE FINANCIAL ASSISTANCE AMOUNTS RECEIVED ARE SUBJECT TO AUDIT AND ADJUSTMENT. IF ANY EXPENDITURES ARE DISALLOWED BY THE APPLICABLE COGNIZANT AGENCIES AS A RESULT OF SUCH AN AUDIT, ANY CLAIM FOR REIMBURSEMENT TO THE COGNIZANT AGENCIES WOULD BECOME A LIABILITY OF THE UNIVERSITY. IN THE OPINION OF MANAGMENT, ALL GRANT EXPENDITURES ARE IN COMPLIANCE WITH THE TERMS OF THE AGREEMENTS AND APPLICABLE FEDERAL AND STATE LAWS AND REGULATIONS.
Title: LOANS OUTSTANDING
Accounting Policies: THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS (THE "SCHEDULE") SUMMARIZES THE EXPENDITURES INCURRED UNDER ALL FEDERAL AND STATE PROGRAMS RECEIVED BY THE UNIVERSITY FOR THE YEAR ENDED MAY 31, 2023 AND HAS BEEN PREPARED USING THE ACCRUAL BASIS OF ACCOUNTING. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF CAMPBELL UNIVERSITY (THE "UNIVERSITY"), IT IS NOT INTENDED TO AND DOES NOT PRESENT THE CONSOLIDATED FINANCIAL POSITION, RESULTS OF ACTIVITIES, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE UNIVERSITY. FOR PURPOSES OF THE SCHEDULE, FEDERAL AND STATE AWARDS INCLUDE ALL GRANTS, CONTRACTS, AND SIMILAR AGREEMENTS ENTERED INTO DIRECTLY BETWEEN THE UNIVERSITY AND AGENCIES AND DEPARTMENTS OF THE FEDERAL AND STATE GOVERNMENT OR SUBAWARDS. THE INFORMATION IN THE 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") AND THE NORTH CAROLINA NEED-BASED SCHOLARSHIP PROGRAM AND NORTH CAROLINA FORGIVABLE EDUCATION LOANS FOR SERVICE PROGRAM COMPLIANCE SUPPLEMENT GUIDES ("STATE GUIDANCE").
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.
THE UNIVERSITY USES A THIRD-PARTY ADMINISTRATOR TO ASSIST IN ADMINISTRATION OF THE FEDERAL PERKINS LOAN PROGRAM (THE "PROGRAM"). BALANCES AND TRANACTIONS RELATING TO THE PROGRAM ARE INCLUDED IN LOANS RECEIVABLE IN THE UNIVERSITY'S CONSOLIDATED STATEMENT OF FINANCIAL POSITION. THE UNIVERSITY HAD THE FOLLOWING LOAN BALANCES OUTSTANDING AT MAY 31, 2023: REFER TO TABLE
Title: FEDERAL DIRECT STUDENT LOAN PROGRAM (ASSISTANCE LISTING NUMBER 84.268)
Accounting Policies: THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS (THE "SCHEDULE") SUMMARIZES THE EXPENDITURES INCURRED UNDER ALL FEDERAL AND STATE PROGRAMS RECEIVED BY THE UNIVERSITY FOR THE YEAR ENDED MAY 31, 2023 AND HAS BEEN PREPARED USING THE ACCRUAL BASIS OF ACCOUNTING. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF CAMPBELL UNIVERSITY (THE "UNIVERSITY"), IT IS NOT INTENDED TO AND DOES NOT PRESENT THE CONSOLIDATED FINANCIAL POSITION, RESULTS OF ACTIVITIES, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE UNIVERSITY. FOR PURPOSES OF THE SCHEDULE, FEDERAL AND STATE AWARDS INCLUDE ALL GRANTS, CONTRACTS, AND SIMILAR AGREEMENTS ENTERED INTO DIRECTLY BETWEEN THE UNIVERSITY AND AGENCIES AND DEPARTMENTS OF THE FEDERAL AND STATE GOVERNMENT OR SUBAWARDS. THE INFORMATION IN THE 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") AND THE NORTH CAROLINA NEED-BASED SCHOLARSHIP PROGRAM AND NORTH CAROLINA FORGIVABLE EDUCATION LOANS FOR SERVICE PROGRAM COMPLIANCE SUPPLEMENT GUIDES ("STATE GUIDANCE").
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.
THE UNIVERSITY IS RESPONSIBLE ONLY FOR THE PERFORMANCE OF CERTAIN ADMINISTRATIVE DUTIES WITH RESPECT TO ITS FEDERAL DIRECT STUDENT LOAN PROGRAMS AND, ACCORDINGLY, THESE LOANS ARE NOT INCLUDED IN THE UNIVERSITY'S CONSOLIDATED FINANCIAL STATEMENTS. IT IS NOT PRACTICABLE TO DETERMINE THE BALANCE OF LOANS OUTSTANDING TO STUDENTS AND FROMER STUDENTS OF THE UNIVERSITY UNDER THESE PROGRAMS AS OF MAY 31, 2023.
Title: FEDERAL WORK STUDY AND FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT MATCH
Accounting Policies: THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS (THE "SCHEDULE") SUMMARIZES THE EXPENDITURES INCURRED UNDER ALL FEDERAL AND STATE PROGRAMS RECEIVED BY THE UNIVERSITY FOR THE YEAR ENDED MAY 31, 2023 AND HAS BEEN PREPARED USING THE ACCRUAL BASIS OF ACCOUNTING. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF CAMPBELL UNIVERSITY (THE "UNIVERSITY"), IT IS NOT INTENDED TO AND DOES NOT PRESENT THE CONSOLIDATED FINANCIAL POSITION, RESULTS OF ACTIVITIES, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE UNIVERSITY. FOR PURPOSES OF THE SCHEDULE, FEDERAL AND STATE AWARDS INCLUDE ALL GRANTS, CONTRACTS, AND SIMILAR AGREEMENTS ENTERED INTO DIRECTLY BETWEEN THE UNIVERSITY AND AGENCIES AND DEPARTMENTS OF THE FEDERAL AND STATE GOVERNMENT OR SUBAWARDS. THE INFORMATION IN THE 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") AND THE NORTH CAROLINA NEED-BASED SCHOLARSHIP PROGRAM AND NORTH CAROLINA FORGIVABLE EDUCATION LOANS FOR SERVICE PROGRAM COMPLIANCE SUPPLEMENT GUIDES ("STATE GUIDANCE").
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.
AMOUNTS INCLUDED IN THE SCHEDULE ARE PRESENTED NET OF MATCHING AMOUNTS CONTRIBUTED BY THE UNIVERSITY. TOTAL AWARDS DISBURSED UNDER THOSE PROGRAMS AND CORRESPONDING AMOUNTS CONTRIBUTED BY THE UNIVERSITY DURING THE YEAR ENDED MAY 31, 2023 ARE SUMMARIZED IN THE TABLE BELOW: REFER TO TABLE. FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANTS IN THE TABLE ABOVE INCLUDE $164,464 IN FUNDS TRANSFERRED FROM THE FEDERAL WORK-STUDY PROGRAM AS PERMITTED BY FEDERAL REGULATIONS. TOTAL FEDERAL WORK-STUDY PROGRAM EXPENDITURES ON THE SCHEDULE INCLUDE ADMINISTRATIVE COST ALLOWANCES OF $27,952.
Title: INDIRECT COST RATE
Accounting Policies: THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS (THE "SCHEDULE") SUMMARIZES THE EXPENDITURES INCURRED UNDER ALL FEDERAL AND STATE PROGRAMS RECEIVED BY THE UNIVERSITY FOR THE YEAR ENDED MAY 31, 2023 AND HAS BEEN PREPARED USING THE ACCRUAL BASIS OF ACCOUNTING. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF CAMPBELL UNIVERSITY (THE "UNIVERSITY"), IT IS NOT INTENDED TO AND DOES NOT PRESENT THE CONSOLIDATED FINANCIAL POSITION, RESULTS OF ACTIVITIES, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE UNIVERSITY. FOR PURPOSES OF THE SCHEDULE, FEDERAL AND STATE AWARDS INCLUDE ALL GRANTS, CONTRACTS, AND SIMILAR AGREEMENTS ENTERED INTO DIRECTLY BETWEEN THE UNIVERSITY AND AGENCIES AND DEPARTMENTS OF THE FEDERAL AND STATE GOVERNMENT OR SUBAWARDS. THE INFORMATION IN THE 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") AND THE NORTH CAROLINA NEED-BASED SCHOLARSHIP PROGRAM AND NORTH CAROLINA FORGIVABLE EDUCATION LOANS FOR SERVICE PROGRAM COMPLIANCE SUPPLEMENT GUIDES ("STATE GUIDANCE").
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.
THE UNIVERSITY HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
Title: CAMPBELL UNIVERSITY FOUNDATION, INC. FEDERAL EXPENDITURES
Accounting Policies: THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS (THE "SCHEDULE") SUMMARIZES THE EXPENDITURES INCURRED UNDER ALL FEDERAL AND STATE PROGRAMS RECEIVED BY THE UNIVERSITY FOR THE YEAR ENDED MAY 31, 2023 AND HAS BEEN PREPARED USING THE ACCRUAL BASIS OF ACCOUNTING. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF CAMPBELL UNIVERSITY (THE "UNIVERSITY"), IT IS NOT INTENDED TO AND DOES NOT PRESENT THE CONSOLIDATED FINANCIAL POSITION, RESULTS OF ACTIVITIES, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE UNIVERSITY. FOR PURPOSES OF THE SCHEDULE, FEDERAL AND STATE AWARDS INCLUDE ALL GRANTS, CONTRACTS, AND SIMILAR AGREEMENTS ENTERED INTO DIRECTLY BETWEEN THE UNIVERSITY AND AGENCIES AND DEPARTMENTS OF THE FEDERAL AND STATE GOVERNMENT OR SUBAWARDS. THE INFORMATION IN THE 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") AND THE NORTH CAROLINA NEED-BASED SCHOLARSHIP PROGRAM AND NORTH CAROLINA FORGIVABLE EDUCATION LOANS FOR SERVICE PROGRAM COMPLIANCE SUPPLEMENT GUIDES ("STATE GUIDANCE").
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.
AMOUNTS INCLUDED IN THE SCHEDULE INCLUDE FEDERAL AWARDS OF THE CAMPBELL UNIVERSITY FOUNDATION, INC. (THE "UNIVERSITY FOUNDATION"). APPROXIMATELY $59 MILLION IN FEDERAL AWARDS ARE RELATED TO AN OUTSTANDING LOAN TO THE UNIVERSITY FOUNDATION FROM THE UNITED STATES DEPARTMENT OF AGRICULTURE THAT WAS RECEIVED DURING THE YEAR ENDED MAY 31, 2021. THE UNIVERSITY FOUNDATION UTILIZED THE PROCEEDS TOTALLING $61,458,000 FROM THE COMMUNITIES FACILITIES LOANS AND GRANTS CLUSTER FOR PURPOSES OF CONSTRUCTING AND REPAYING INTERIM FINANCING ON THE TRACY F. SMITH NURSING BUILDING, THE MCLEOD ADMISSIONS AND FINANCIAL AID CENTER, AND THE OSCAR N. HARRIS STUDENT UNION (COLLECTIVELY, THE "FACILITIES"). THE TOTAL BALANCE OUTSTANDING AS OF MAY 31, 2023 WAS $59,455,539. THE FACILITIES HAVE BEEN LEASED TO THE UNIVERSITY FOUNDATION BY CAMPBELL UNIVERSITY AND LEASED BACK TO THE UNIVERSITY BY THE UNIVERSITY FOUNDATION . IN CONNECTION WITH THE LOANS FROM THE US DEPARTMENT OF AGRICULTURE ("USDA"), THE UNIVERSITY FOUNDATION GRANTED A SECURITY INTEREST IN ALL RENTS, PROFITS, REVENUES, AND RECEIVABLES ASSOCIATED WITH THE FACILITIES TO THE USDA. ADDITIONALLY, THE USDA HAS A SECURITY INTEREST IN ALL FIXTURES, MACHINERY, EQUIPMENT, AND PERSONAL PROPERTY LOCATED IN AND USED IN THE OPERATION OF THE FACILITIES.