Title: (1) Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of Federal awards include the Federal grant activity of Monmouth University (the University) and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 (2 CFR 200), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the University did not elect to use the 10% de minimis indirect cost rate. Instead the University elected to use its negotiated indirect cost rate.
The accompanying schedule of expenditures of Federal awards include the Federal grant activity of Monmouth University (the University) and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 (2 CFR 200), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: (2) Federal Perkins and Nursing Faculty Loan Programs
Accounting Policies: The accompanying schedule of expenditures of Federal awards include the Federal grant activity of Monmouth University (the University) and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 (2 CFR 200), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the University did not elect to use the 10% de minimis indirect cost rate. Instead the University elected to use its negotiated indirect cost rate.
With respect to the Federal Perkins Loan Program and the Federal Nursing Faculty Loan Program, the University administers and accounts for certain aspects of these programs; therefore, the University’s basic financial statements include the programs’ net assets and transactions. The balance of loans outstanding under the Federal Perkins Loan Program as of June 30, 2023 was $2,478,264. The balance of loans outstanding under the Federal Nursing Faculty Loan Program as of June 30, 2023 was $940,526.
Title: (3) Federal Direct Loan Program
Accounting Policies: The accompanying schedule of expenditures of Federal awards include the Federal grant activity of Monmouth University (the University) and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 (2 CFR 200), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the University did not elect to use the 10% de minimis indirect cost rate. Instead the University elected to use its negotiated indirect cost rate.
The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program and these loans are not included in the University’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the University under these programs as of June 30, 2023.
Title: (4) Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of Federal awards include the Federal grant activity of Monmouth University (the University) and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 (2 CFR 200), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the University did not elect to use the 10% de minimis indirect cost rate. Instead the University elected to use its negotiated indirect cost rate.
During the year ended June 30, 2023, the University did not elect to use the 10% de minimis indirect cost rate. Instead the University elected to use its negotiated indirect cost rate.
Title: (5) Amounts Passed through to Subrecipients
Accounting Policies: The accompanying schedule of expenditures of Federal awards include the Federal grant activity of Monmouth University (the University) and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 (2 CFR 200), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the University did not elect to use the 10% de minimis indirect cost rate. Instead the University elected to use its negotiated indirect cost rate.
The University did not pass Federal awards to subrecipients during the year ended June 30, 2023.