Notes to SEFA
Title: PERKINS LOAN PROGRAM
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Augsburg University and is presented on the accrual basis of accounting. 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. SUMMARY OF SIGNIFICANT 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 represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. During the year ended May 31, 2023, the University passed through $223,478 to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Augsburg University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Outstanding balance of Perkins loans administered by Augsburg University as of May 31, 2023 was as follows: Federal Perkins Loan Program (CFDA #84.038) Loan Balance $1,645,283