Notes to SEFA
Title: Federal Loan Programs
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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The amount of loans advanced during the year to students and parents under the Federal Direct Loan Program was $28,855,681.
The University is responsible for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program.
The Federal Perkins Loan Program is administered directly by the University and balances and transactions related to this program are included in the University’s basic financial statements. Loans outstanding at the beginning of the year, loans made during the year and the administrative cost allowance are included in the federal expenditures presented in the Schedule. Loans outstanding at June 30, 2023, under the revolving Federal Perkins Loan Program under Federal Assistance Listing number 84.038 totaled $138,900. There were no new loans awarded and no administrative cost allowance during the year ended June 30, 2023.
Title: Basis of Accounting
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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of University of Saint Joseph (the University) under programs of the federal government for the year ended June 30, 2023. 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). 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.