Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accounting policies of the College conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities.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. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for subrecipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Albertus Magnus College (the "College") 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.
Title: Federal Perkins Loan Program
Accounting Policies: The accounting policies of the College conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities.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. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for subrecipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College administers the Federal Perkins Loan Program ("FPLP") (CFDA # 84.038) except for functions performed by Educational Computer Systems, Inc. Outstanding loans relating to these programs are included in the College's financial statements. The total outstanding balance of loans made to eligible students under the FPLP at June 30, 2022 is $295,666. The College did not advance any funds under the FPLP during the year ended June 30, 2022.
Title: Federal Direct Student Loan Program
Accounting Policies: The accounting policies of the College conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities.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. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for subrecipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of loans advanced during the year ended June 30, 2022 under the Federal Direct Student Loan Program (CFDA # 84.268) to eligible students was $13,331,522, which has been reported as expenditures in the accompanying Schedule. The College is responsible only for the performance of certain administrative duties with respect to this program and, accordingly, these loans are not included in the College's basic financial statements. It is not practical to determine the balance of loans outstanding to students of the College under this program as of June 30, 2022.