Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (the Schedule) is to present details of the activities of Saint Josephs University and its subsidiary (the University) which have been financed by the U.S. government for the year ended May 31, 2022. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the University. For the purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and the agencies or departments of the federal government and all sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Federally guaranteed loans issued to students of the University directly by the University are also included in the Schedule. The Schedule is prepared 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. Pass-through entity identifying numbers are presented where available. The University 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 program listed subsequently is administered directly by the University, and balances and transactions relating to this program are included in the Universitys consolidated financial statements. Loans made during the year are included in the federal expenditures presented in the Schedule. The outstanding balance and disbursements as of and for the year ended May 31, 2022 are as follows: FEDERAL PERKINS LOANS PROGRAM (84.038) - Balances outstanding at the end of the audit period were $183,678.
Title: TRAINING PENNSYLVANIAS FIRST RESPONDERS IN ADDICTION AND RECOVERY GRANT
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (the Schedule) is to present details of the activities of Saint Josephs University and its subsidiary (the University) which have been financed by the U.S. government for the year ended May 31, 2022. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the University. For the purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and the agencies or departments of the federal government and all sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Federally guaranteed loans issued to students of the University directly by the University are also included in the Schedule. The Schedule is prepared 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. Pass-through entity identifying numbers are presented where available. The University 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 following table details the grant revenue recognized, grant receipts and receivables for the Training Pennsylvanias First Responders in Addiction and Recovery grant received from the Department of Health and Human Services and passed through the Pennsylvania Department of Health for the year ended May 31, 2022: June 1, 2021 - receivable - $45306. Grant revenue recognized - $834504. Grant cash receipts $(630,935). May 31, 2022 - receivable - $248,875.