Title: Basis of Presentation
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Franklin Pierce University (the University) for the year ended May 31, 2022. The information in this Schedule is presented in accordance with 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 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: Federal Perkins Loan Program
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate.
The following sets forth certain balances and activities in fiscal year 2022 related to the Federal Perkins Loan Program consisted of the following: Perkins cash balance at May 31, 2022 $806,175; Perkins loans receivable at May 31, 2021 as presented on the Schedule $3,155,040 Perkins loans collected $577,464 Perkins loans canceled $27,570 Perkins loans receivable at May 31, 2022 $2,550,006
Title: Federal Direct Student Loans
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate.
During the year ended May 31, 2022, the University processed the following new loans under the Federal Direct Student Loan Program. The loans were made directly through the United States Department of Education. Federal Subsidized Loans $2,933,808 Federal Unsubsidized Loans $9,625,560 Federal Parents Loans $14,391,471 Total Federal Direct Student Loans $26,950,839
Title: Federal Supplemental Educational Opportunity Grants
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate.
Federal Supplemental Educational Opportunity Grants (FSEOG) expenditures in fiscal year 2022 consisted of the following: Current year award $153,430 Transfer from Federal Work-Study Program (FWS) $105,404 Total FSEOG $258,834
Title: Federal Work-Study Program
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate.
Federal Work-Study (FWS) Program expenditures in fiscal year 2022 consisted of the following: Current year award $421,616 Transfer to FSEOG $(105,404) Administrative cost allowance FWS $8,813 Administrative cost allowance FSEOG $16,179 Carryforward to 2022-2023 $42,162 Unexpended funds $(117,085) Total FWS $266,281