Notes to SEFA
Title: NOTE 2 - FEDERAL LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of Federal Awards (the Schedule) includes the federal award activity of Marywood University (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 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 this 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.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 participates in the Federal Direct Student Loans Program, including Federal Direct Loans and Federal PLUS Loans (PLUS). The dollar amounts are listed in the schedule of federal awards although the University is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. New loans processed for students during the year ended June 30, 2023 were as follows:
2023
Federal Direct Student Loans Program
Subsidized $ 410,447
Unsubsidized 22,729,712
PLUS 2,999,045
$ 26,139,204
Title: NOTE 3 - RELATED PARTY TRANSACTIONS
Accounting Policies: The accompanying schedule of expenditures of Federal Awards (the Schedule) includes the federal award activity of Marywood University (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 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 this 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.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 periodically engages in transactions with related parties which are not considered material to the financial statements.