Title: FEDERAL LOAN PROGRAMS
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (the “Schedule”) is to present details of the activities of Duquesne University of the Holy Spirit (the “University”) which have been financed by the U.S. Government for the year ended June 30, 2023.
Because the Schedule presents only a selected portion of the activities of the University, it is not intended to and does not present either the financial position, changes in net assets, or cash flows of the University.
The Schedule is prepared on the accrual basis of accounting.
Negative expenditures detailed in the Schedule result from current-year adjustments to prior-year award amounts.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The University receives significant financial assistance from the U.S. Government, including the sponsorship of federal research projects. Research grants and contracts normally provide for the recovery of direct and indirect costs. Recovery of the related indirect costs is generally recorded at predetermined rates negotiated with the federal government. Entitlement to these resources for the recovery of the applicable direct and related indirect costs is generally conditioned upon compliance with the terms and conditions of the grant agreements and applicable federal regulations, including the expenditure of the resources for eligible purposes. Substantially all grants and the University’s indirect cost rate are subject to financial and compliance reviews and audits by the grantors. In management’s opinion, the likelihood of an adverse material outcome on the University’s financial position from those reviews and audits is remote. The University has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Loan balances receivable from students under federal programs are as follows at June 30, 2023:
Federal Assistance Listing Number Amount
Federal Perkins Loan Program 84.038 $ 1,838,168
Nursing Student Loan Program 93.364 $725,136
Health Professions Student Loan Program 93.342 $1,385,473
Nursing Faculty Loan Program 93.264 $2,756,532
$ 6,705,309
Title: LOAN PROGRAMS
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (the “Schedule”) is to present details of the activities of Duquesne University of the Holy Spirit (the “University”) which have been financed by the U.S. Government for the year ended June 30, 2023.
Because the Schedule presents only a selected portion of the activities of the University, it is not intended to and does not present either the financial position, changes in net assets, or cash flows of the University.
The Schedule is prepared on the accrual basis of accounting.
Negative expenditures detailed in the Schedule result from current-year adjustments to prior-year award amounts.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The University receives significant financial assistance from the U.S. Government, including the sponsorship of federal research projects. Research grants and contracts normally provide for the recovery of direct and indirect costs. Recovery of the related indirect costs is generally recorded at predetermined rates negotiated with the federal government. Entitlement to these resources for the recovery of the applicable direct and related indirect costs is generally conditioned upon compliance with the terms and conditions of the grant agreements and applicable federal regulations, including the expenditure of the resources for eligible purposes. Substantially all grants and the University’s indirect cost rate are subject to financial and compliance reviews and audits by the grantors. In management’s opinion, the likelihood of an adverse material outcome on the University’s financial position from those reviews and audits is remote. The University has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
During the fiscal year ended June 30, 2023, the University processed the following amount of new direct
loans:
Amount
Direct Loans - Stafford/PLUS/Unsubsidized Loans:
Stafford Subsidized $ 9,890,539
Stafford Unsubsidized $37,903,436
Parent PLUS 28,$258,026
Graduate PLUS $18,498,753
Total $ 94,550,754
Title: PAYMENTS TO SUBRECIPIENTS
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (the “Schedule”) is to present details of the activities of Duquesne University of the Holy Spirit (the “University”) which have been financed by the U.S. Government for the year ended June 30, 2023.
Because the Schedule presents only a selected portion of the activities of the University, it is not intended to and does not present either the financial position, changes in net assets, or cash flows of the University.
The Schedule is prepared on the accrual basis of accounting.
Negative expenditures detailed in the Schedule result from current-year adjustments to prior-year award amounts.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The University receives significant financial assistance from the U.S. Government, including the sponsorship of federal research projects. Research grants and contracts normally provide for the recovery of direct and indirect costs. Recovery of the related indirect costs is generally recorded at predetermined rates negotiated with the federal government. Entitlement to these resources for the recovery of the applicable direct and related indirect costs is generally conditioned upon compliance with the terms and conditions of the grant agreements and applicable federal regulations, including the expenditure of the resources for eligible purposes. Substantially all grants and the University’s indirect cost rate are subject to financial and compliance reviews and audits by the grantors. In management’s opinion, the likelihood of an adverse material outcome on the University’s financial position from those reviews and audits is remote. The University has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Subrecipients
Certain funds are passed through to subgrantee organizations by the University. Expenditures incurred by
the subgrantees and reimbursed by the University are included in the Schedule.
The University is also the subrecipient of federal funds, which have been reported as expenditures and
listed as federal pass-through funds.
Payments of federal funds to subrecipients for the year ended June 30, 2023 were as follows:
Subrecipient Grant Description
Federal
Assistance Listing
Number Grant # Amount
Atrium Health Wake Forest Baptist USDOD - Janjic 12.800 FA8650-20-2-6224 $ 40,017
Atrium Health Wake Forest Baptist USDOD - Janjic 12.420 W81XWH2010276 $8,933
Atrium Health Wake Forest Baptist USDOD - Janjic 12.420 FA8650-20-C-6215 $66,334
Atrium Health Wake Forest Baptist USDOD - Janjic/Porter 12.420 W81XWH2010854 $74,153
University of Delaware USDOE - Harbourne 84.324A R324A150103-18 $9,105
University of Nebraska Lincoln USDOE - Harbourne 84.324A R324A150103-18 $21,275
University of Nebraska Medical Center USDOE - Harbourne 84.324A R324A150103-18 $2,903
University of Southern California USDOE - Harbourne 84.324A R324A150103-18 $117,793
University of Pittsburgh NIH-Leak 93.853 R15NS130532 $8,218
University of Pennsylvania NIH-Leak 93.853 R15NS130532 $9,741
The University of Texas at Dallas NIH - Kolber/Tidgewell 93.213 R15AT008060-02 $13,185
University of Venda USAID Foreign Assistance for Programs Overseas 98.001 72067419FA00001 $1,431
Rensselaer Polytechnic Institute USAID Foreign Assistance for Programs Overseas 98.001 72067419FA00001 $36,359
Total payments to subrecipients $ 409,449