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. 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under theUniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the University of New England (the University) under programs of the federal government for the year ended May 31, 2022. The information in the 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). 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.
Title: Loan Program Balances
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. 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under theUniform Guidance.
The federal student loan programs listed subsequently are administered directly by the University, and balances and transactions relating to these programs are included in the University'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 May 31, 2022 consists of: 84.038 Federal Perkins Loans $5,033,934; 93.342 Health Professions Student Loans $474,271; 93.364 Nursing Student Loans $29,785.
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 the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under theUniform Guidance.
As a result of the pandemic, colleges and universities throughout the country have received emergency funding under Assistance Listing (AL) Number 84.425, through the Higher Education Emergency Relief Fund (HEERF). Funds were distributed to these institutions in multiple 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 (CRRSA) Act, and the American Rescue Plan (ARP), respectively. HEERF grant revenue is recognized as operating gifts, grants, and contracts revenue in the fiscal year ending (FYE) when 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 cant 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. Additional amounts expended are to be reported on the Schedule in future reporting periods. The following table summarizes HEERF awarded to the University and differences in timing of revenue recognition and Schedule reporting: Financial Statement Period - FYE 5/31/2020, Total HEERF Funding Received - $1,365,831, Amount Recognized as Revenue - $432,500, Amount Reported on the Schedule - $ 432,500; Financial Statement Period - FYE 5/31/2021,Total HEERF Funding Received - $ 7,899,856, Amount Recognized as Revenue - $3,567,796, Amount Reported on the Schedule - $6,126,154;Financial Statement Period - FYE 5/31/2022,Total HEERF Funding Received - $0, Amount Recognized as Revenue - $5,169,642,Amount Reported on the Schedule - $2,657,550.
Title: Provider 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. 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under theUniform Guidance.
As a result of the pandemic, the U.S. Department of Health and Human Services (HHS) began providing COVID-19 related funding under AL Number 93.498, the Provider Relief Fund (PRF). The funds are to be utilized to offset eligible COVID-19 expenditures and lost revenues related to COVID-19 as defined in the program regulations. The University recognized amounts received as the program requirements were met, as shown in the table below by FYE. The amounts received and expended are reported in the Schedule according to HHS periods of availability (also known as the period of performance). Accordingly, the $54,674 received in Period 1 (April 10, 2020 to June 30, 2020) and $165,733 received in Period 2 (July 1, 2020 to December 31, 2020) are reported on the Schedule for the year ended May 31, 2022. All distributions were reported under the University of New England Taxpayer Identification Number (TIN): 01-0211810. Financial Statement Period FYE 5/31/2020, Total PRF Funding Received $54,674, Amount Recognized as Revenue $54,674, Amount Reported on the Schedule $0; Financial Statement Period FYE 5/31/2021, Total PRF Funding Received $165,733, Amount Recognized as Revenue $165,733, Amount Reported on the Schedule $0; Financial Statement Period FYE 5/31/2022, Total PRF Funding Received $0, Amount Recognized as Revenue $0, Amount Reported on the Schedule - $220,407.