Title: NOTE 2 - FEDERAL LOAN PROGRAMS
Accounting Policies: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of Presentation: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Roosevelt University (Roosevelt) under programs of the federal government for the year ended August 31, 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). 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.Roosevelt has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. 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. Because the Schedule presents only a selected portion of the operations of Roosevelt, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Roosevelt.Nature of Program: By definition, the programs are federally funded. As such, funding is at the discretion of the federal government. However, management of Roosevelt believes that none of the funding is to be discontinued except for normal completion of programs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Roosevelt disbursed funds under the Federal Direct Loan Program (including Parent PLUS Loans) during the current year. Roosevelt does not administer any other loan programs.
Title: NOTE 3 - RECONCILIATION OF THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS T
Accounting Policies: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of Presentation: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Roosevelt University (Roosevelt) under programs of the federal government for the year ended August 31, 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). 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.Roosevelt has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. 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. Because the Schedule presents only a selected portion of the operations of Roosevelt, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Roosevelt.Nature of Program: By definition, the programs are federally funded. As such, funding is at the discretion of the federal government. However, management of Roosevelt believes that none of the funding is to be discontinued except for normal completion of programs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following is a reconciliation of total expenditures reported on the accompanying Schedule to the revenue items shown as Federal, state and local grants and contracts revenue on the Statement of Activities included in Universitys financial statements. For financial statement purposes, Pell grants are not reflected in the Statement of Activities.Roosevelt records Pell grants received by students through University as intermediary transactions, and not a grant. Therefore, Pell expenditures are presented below as federal funds for student financial assistance but are not reported as expenditures of Roosevelt. These expenditures are subtracted from the total expenditures on the Schedule to agree with revenue on the Statement of Activities. Reconciling items between the total expenditures on the Schedule and the federal grants and contracts revenue on the Statement of Activities are as follows: (See Table in financial statement)
Title: NOTE 4 - AWARDS TO SUBRECIPIENTS
Accounting Policies: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of Presentation: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Roosevelt University (Roosevelt) under programs of the federal government for the year ended August 31, 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). 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.Roosevelt has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. 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. Because the Schedule presents only a selected portion of the operations of Roosevelt, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Roosevelt.Nature of Program: By definition, the programs are federally funded. As such, funding is at the discretion of the federal government. However, management of Roosevelt believes that none of the funding is to be discontinued except for normal completion of programs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following expenditures reimbursed by University and included in the Schedule of Expenditures of Federal Awards were made to the following subrecipients under the listed grants for the year ended August 31, 2022. (See Table in financial statement)