Title: Federal Perkins and Health Professions Student Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Fairfield University (the University) under programs of the federal government for the year ended June 30, 2022. 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. 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: Indirect costs are allocated to individual grants within the Schedule in accordance with the contractual provisions of each grant. The indirect costs are calculated based upon either a negotiated rate with the Department of Health and Human Services effective through June 30, 2022, or the specific requirements of the particular grant. The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University administers and accounts for all aspects of the Federal Perkins Loan and the Health Professions Student Loan Programs. Therefore, the University's financial statements include the programs transactions. There were no new loans issued during the fiscal year. Loans outstanding at the beginning of the year and activity for the loans during the year are included on the accompanying Schedule, detailed as follows: Federal assistance listing number 84.038 loans outstanding at July 1, 2021 $1,142,540, amounts assigned during the year ended June 30, 2022 $245,586, amounts repaid during the year ended June 30, 2022 $195,269, reserve for doubtful accounts $70,169, loans outstanding June 30, 2022 $631,516. Federal assistance listing number 93.364 loans outstanding at July 1, 2021 $438,370,there were no amounts assigned during the year ended June 30, 2022, amounts repaid during the year ended June 30, 2022 140,051, reserve for doubtful accounts $74,580, loans outstanding June 30, 2022 $223,739.
Title: Federal Direct Student Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Fairfield University (the University) under programs of the federal government for the year ended June 30, 2022. 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. 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: Indirect costs are allocated to individual grants within the Schedule in accordance with the contractual provisions of each grant. The indirect costs are calculated based upon either a negotiated rate with the Department of Health and Human Services effective through June 30, 2022, or the specific requirements of the particular grant. The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
For the Federal Direct Student Loan Program, the University is only responsible for the performance of certain administrative duties; therefore, the associated net assets and transactions are not included in the Universitys financial statements, and it is not practicable to determine the balances of loans outstanding to students of the University under this program at June 30, 2022. The Schedule includes the amounts loaned to students during the year ended June 30, 2022.
Title: Subrecipient Activity
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Fairfield University (the University) under programs of the federal government for the year ended June 30, 2022. 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. 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: Indirect costs are allocated to individual grants within the Schedule in accordance with the contractual provisions of each grant. The indirect costs are calculated based upon either a negotiated rate with the Department of Health and Human Services effective through June 30, 2022, or the specific requirements of the particular grant. The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University is the subrecipient of federal funds, which are reported as pass through funds on the Schedule as the expense is incurred.