Notes to SEFA
Title: LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of the University of St. Francis (the University) presented on the accrual basis of accounting for the year ended May 31, 2023 and is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% federal de minimus indirect cost rate.
The University had the following loan balances outstanding at May 31, 2023: $405,603. As of May 31, 2022, the University had loans outstanding under the Federal Perkins Loans Program totaling $797,894. During the year ended May 31, 2023, the University awarded new loans to students totaling $0 and recorded an administrative cost allowance of $50,000.
During the year ended May 31, 2023, students and their parents were awarded $16,822,079 of federally guaranteed loans under the Federal Direct Student Loans program.
The University is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to the Federal Direct Student Loan program are not included in the University’s basic financial statements. Therefore, it is not practical to determine the balances of the loans outstanding to students and former students of the University at May 31, 2023.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of the University of St. Francis (the University) presented on the accrual basis of accounting for the year ended May 31, 2023 and is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% federal de minimus indirect cost rate.
The University provided no federal awards to subrecipients during the year ended May 31, 2023.
Title: OTHER
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of the University of St. Francis (the University) presented on the accrual basis of accounting for the year ended May 31, 2023 and is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% federal de minimus indirect cost rate.
The University did not receive any federal non-cash contributions or have any federal insurance in effect during the year ended May 31, 2023.