Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of federal financial assistance received from federal agencies and pass through entities by Creighton University (the University).
Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in 2 C.F.R. § 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards from the Office of Management and Budget (Uniform Guidance).
Expenses are subject to audit by the U.S. government, and in the opinion of management, disallowed costs, if any, will not have a material effect on the financial position of the University or its federal programs.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate as discussed in the Uniform Guidance Section 200.414. For all sponsored programs where indirect costs are allowed to be claimed, the rates approved by the University’s cognizant agency were used.
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of federal financial assistance received from federal agencies and pass through entities by Creighton University (the University).
Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in 2 C.F.R. § 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards from the Office of Management and Budget (Uniform Guidance).
Expenses are subject to audit by the U.S. government, and in the opinion of management, disallowed costs, if any, will not have a material effect on the financial position of the University or its federal programs.
Title: Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of federal financial assistance received from federal agencies and pass through entities by Creighton University (the University).
Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in 2 C.F.R. § 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards from the Office of Management and Budget (Uniform Guidance).
Expenses are subject to audit by the U.S. government, and in the opinion of management, disallowed costs, if any, will not have a material effect on the financial position of the University or its federal programs.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate as discussed in the Uniform Guidance Section 200.414. For all sponsored programs where indirect costs are allowed to be claimed, the rates approved by the University’s cognizant agency were used.
Outstanding balances of student loans held by the University at June 30, 2023 and student loans advanced during the year ended June 30, 2023 were as follows: (See the Notes to the SEFA for chart/table)
The University is a direct lender under the above student loan programs. The University also participated in the U.S. Department of Education Federal Direct Loan Program (Assistance Listing No. 84.268). During the year ended June 30, 2023, the University’s students received $168,470,444 in new loans under this program.
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of federal financial assistance received from federal agencies and pass through entities by Creighton University (the University).
Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in 2 C.F.R. § 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards from the Office of Management and Budget (Uniform Guidance).
Expenses are subject to audit by the U.S. government, and in the opinion of management, disallowed costs, if any, will not have a material effect on the financial position of the University or its federal programs.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate as discussed in the Uniform Guidance Section 200.414. For all sponsored programs where indirect costs are allowed to be claimed, the rates approved by the University’s cognizant agency were used.
The University did not elect to use the 10% de minimis indirect cost rate as discussed in the Uniform Guidance Section 200.414. For all sponsored programs where indirect costs are allowed to be claimed, the rates approved by the University’s cognizant agency were used.