Notes to SEFA
Title: Basis of Presentation
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. The University has elected not to use the 10 percent de minimis indirect cost rate under the Uniform Guidance. The University did not pass through any amounts to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Lasell University (the 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 (the 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. The University includes loans granted under the Federal Direct Student Loan Program and Federal Perkins Loan Program as expenditures of federal awards.
Title: Federal Student Loan Program
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. The University has elected not to use the 10 percent de minimis indirect cost rate under the Uniform Guidance. The University did not pass through any amounts to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University participated in the Perkins loan program and amounts of loans outstanding at the beginning of the year are included in federal expenditures presented in the schedule. During 2022, the University liquidated and closed out the Perkins fund to the DOE. No amounts remain outstanding at June 30, 2022.
Title: Higher Education Emergency Relief Fund
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. The University has elected not to use the 10 percent de minimis indirect cost rate under the Uniform Guidance. The University did not pass through any amounts to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University was awarded funds for student and institutional purposes under the Higher Education Emergency Relief Fund program (HEERF). These funds are administered directly by the University. Amounts expended as of June 30, 2022 for both the student and institutional portion of the program are included in Federal expenditures presented in the Schedule. HEERF activity for the year ended June 30, 2022 is as follows: SEE FINANCIAL STATEMENTS FOR TABLE.