Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Converse University (the "University") 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 ("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: Note 4 - Federal Perkins Loans
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University administers the Federal Perkins Loan Program to provide financial aid to the students and balances and transactions relating to this program are included in the University's financial statements. The loan balance outstanding and funds advanced by the University during the year ended June 30, 2022 under the Federal Perkins Loan program can be summarized as follows: See notes to SEFA for the chart/table.
Title: Note 5 - Federal Direct Student Loans
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal Direct Student Loans, amounting to $7,789,139, were made to students of the University during the year ended June 30, 2022. Parent Loans for Undergraduate Studies, amounting to $1,597,959, were made to parents of students of the University during the year ended June 30, 2022.
Title: Note 6 - Waiver of Institutional Share Requirements
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University received a waiver of institutional-share requirements for the Federal Work-Study Program and the Federal Supplemental Educational Opportunity Grants from the United States Department of Education for the 2021-2022 award year.
Title: Note 7- Higher Education Emergency Relief Fund
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The CARES Act created the Federal Assistance Listing Number 84.425, Higher Education Emergency Relief Fund ("HEERF") program to provide financial relief to students and institutions who were impacted by the COVID-19 pandemic. The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) and the American Rescue Plan (ARP) provided additional rounds of HEERF (II and III). The HEERF funds contained three components, an institutional award, a student aid award, and a strengthening institution program award. The following amounts have been awarded as HEERF as of June 30, 2022: See notes to SEFA for the table/chart.