Title: LOANS OUTSTANDING
Accounting Policies: The schedule of expenditures of federal awards includes the current year federal grant activity of Drury University 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 Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under these standards, Federal Pell Grant Program awards are reported as expenditures, whereas under U.S. Generally Accepted Accounting Principles, they are not reported in the University's Statement of Activities as expenses or financial aid. New loan advances under the Federal Family Educational Loan Program represent the amount of such loans processed by the University for the year and are not reportable as transactions in the University's financial statements under U.S. Generally Accepted Accounting Principles. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
DRURY UNIVERSITY HAD THE FOLLOWING LOAN BALANCES OUTSTANDING AT MAY 31, 2022. FEDERAL PERKINS LOAN PROGRAM, FEDERAL CFDA NUMBER 84.038, AMOUNT OUTSTANDING $264,372
Title: RELATED PARTIES
Accounting Policies: The schedule of expenditures of federal awards includes the current year federal grant activity of Drury University 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 Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under these standards, Federal Pell Grant Program awards are reported as expenditures, whereas under U.S. Generally Accepted Accounting Principles, they are not reported in the University's Statement of Activities as expenses or financial aid. New loan advances under the Federal Family Educational Loan Program represent the amount of such loans processed by the University for the year and are not reportable as transactions in the University's financial statements under U.S. Generally Accepted Accounting Principles. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
THERE WERE NO RELATED PARTY TRANSACTIONS SIGNIFICANT FOR DISCLOSURE DURING THE SCOPE OF THIS AUDIT.
Title: COVID-19
Accounting Policies: The schedule of expenditures of federal awards includes the current year federal grant activity of Drury University 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 Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under these standards, Federal Pell Grant Program awards are reported as expenditures, whereas under U.S. Generally Accepted Accounting Principles, they are not reported in the University's Statement of Activities as expenses or financial aid. New loan advances under the Federal Family Educational Loan Program represent the amount of such loans processed by the University for the year and are not reportable as transactions in the University's financial statements under U.S. Generally Accepted Accounting Principles. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
DRURY UNIVERSITY DID NOT COLLECT ANY PROPERTY, PLANT OR EQUIPMENT FROM COVID-19 RELATED AID.
Title: SUBSEQUENT EVENTS
Accounting Policies: The schedule of expenditures of federal awards includes the current year federal grant activity of Drury University 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 Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under these standards, Federal Pell Grant Program awards are reported as expenditures, whereas under U.S. Generally Accepted Accounting Principles, they are not reported in the University's Statement of Activities as expenses or financial aid. New loan advances under the Federal Family Educational Loan Program represent the amount of such loans processed by the University for the year and are not reportable as transactions in the University's financial statements under U.S. Generally Accepted Accounting Principles. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
In preparing the schedule of expenditures of federal awards, Drury University has evaluated events and transactions for potential recognition or disclosure through December 6, 2022, the date the schedule was available to be issued.