Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Bellarmine University (the University) for the year ended May 31, 2022 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to this program are included in the University's financial statements. Total cumulative loans outstanding from the Federal Perkins Loan Program of $230,105 are included in the accompanying schedule of expenditures of federal awards. No new loans were awarded and disbursed for the year ended May 31, 2022. There were no allowable expenditures under the Federal Perkins Loan Program for the year ended May 31, 2022. The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program and, accordingly, these loans are not included in the financialstatements of the University. It is not practical to determine the balance of loans outstanding to students and former students of the University under this program as of May 31, 2022. The current expenditures under the Federal Direct Loan Program of $23,198,568 are included in the accompanying schedule of expenditures of federal awards.
Title: Facilities and Administrative Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Bellarmine University (the University) for the year ended May 31, 2022 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Predetermined fixed facilities and administrative costs rates have been approved as follows:Period Covered From 6/1/2020 to 5/31/2024Based on Financial Information for fiscal year 2022Predetermined rate on campus 27.70%Predetermined rate off campus 15.10%These rates are applied to modified total direct costs (as defined by the agreement) for on-campus programs.