Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in Office of Management and Budget Circular A-21, Cost Principles for Educational Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal student loan programs listed below are administered directly by the College, and balances and transactions relating to these programs are included in the College's financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022 consists of: FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 517956. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 623408.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in Office of Management and Budget Circular A-21, Cost Principles for Educational Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 the Trustees of Saint Joseph's 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.The College includes loans granted under the Federal Direct Student Loans Program, the Federal Perkins Loan Program and the Department of Health and Human Services Direct Nursing Student Loans Program as expenditures of Federal awards.
Title: Higher Education Relief Legislation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in Office of Management and Budget Circular A-21, Cost Principles for Educational Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As a result of the pandemic, colleges and universities throughout the country have received emergency funding through the Higher Education Emergency Relief Fund (HEERF). Funds were distributed to these institutions in three phases and were required to be spent in part to cover institutional expenses and in part directly to student relief. The three phases resulted from the CARES Act, the Coronavirus Response and Relief Supplemental Appropriations (CRSSA) Act, and the American Rescue Plan (ARP), respectively. HEERF grant revenue is recognized as operating gifts, grants, and contracts revenue in the fiscal year expenses and costs are incurred as specified under each grant award agreement. The revenue recognition for the institutional portion is contingent on the student awards, meaning that the institutional revenue cannot be taken for financial statement purposes until the students were awarded the funds. The amounts received and expended are reported in the Schedule according to the periods of availability (also known as the "period of performance"), which is when identify qualifying expenditures or lost revenue occurred.The following table summarizes HEERF awarded to the College and differences in timing of revenue recognition and Schedule reporting:Financial Total HEERF Amount Amount Statement Funding Recognized Reported onPeriod Received as Revenue the ScheduleFYE 6/30/2020 $649,094 $518,114 $518,114FYE 6/30/2021 $1,306,280 $1,432,000 $1,443,354FYE 6/30/2022 $2,590,739 $2,586,139 $2,586,139