Notes to SEFA
Title: Adjustments and Transfers
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Davenport University (the University) under programs of the federal government for the year ended June 30, 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 (the 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 assets, changes in net assets, or cash flows of the University. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement and frequently asked questions as outlined in the 2020 Compliance Supplement Addendum. The pass through entity identifying numbers are presented where available.The University has elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The University carried forward $24,540 of the 2021-2022 Federal Work Study Program (CFDA No. 84.033) funds to provide aid to students in 2022-2023. In addition, the University spent $184 of 2020-2021 Federal Work Study that it had carried forward to 2021-2022. As allowable and in accordance with federal regulations issued by the U.S. Department of Education, during the year ended June 30, 2022, the University transferred $125,000 of Federal Work Study (FWS) Program (ALN 84.033) award funds to the Federal Supplemental Education Opportunity Grants (SEOG) Program (ALN 84.007).
Title: Loans Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Davenport University (the University) under programs of the federal government for the year ended June 30, 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 (the 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 assets, changes in net assets, or cash flows of the University. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement and frequently asked questions as outlined in the 2020 Compliance Supplement Addendum. The pass through entity identifying numbers are presented where available.The University has elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The University originates but does not provide the funding for the Federal Direct Student Loans. The amount requested in the schedule of expenditures of federal awards represents the value of the new Federal Direct Student Loans accepted by students during the year ended June 30, 2022.