Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Loyola University Maryland, Inc. (the University) under programs of the federal government for the year ended May 31, 2023.For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal government and all subawards made to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The information in this Schedule is presented in accordance with the 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 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. There were no federal award expenditures passed through to subrecipients for the year ended May 31, 2023. 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. Expenditures for federal student financial aid programs are recognized as incurred and include grants awarded under the Federal Pell Program, loan disbursements under the Federal Perkins Loan, Federal Direct Stafford Loan, Federal Direct PLUS Loan, and Federal Direct GradPLUS Loan Programs, (collectively Federal Direct Loans), the federal share of grants awarded under Federal Supplemental
Educational Opportunity Grants, the federal share of earnings under the Federal Work-Study Program, and administrative cost allowances where applicable. Loans made under the Federal Direct Loans are disbursed by the federal government.
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 University operates under predetermined fixed indirect cost rates. The indirect cost rate effective at the grant award date is effective throughout the grant period. The predetermined fixed indirect cost rate for grants awarded in fiscal year 2023 is 45% for on-campus programs and 25% for off-campus programs.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the
expenditures of Loyola University Maryland, Inc. (the University) under programs of the federal government
for the year ended May 31, 2023.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered
into directly between the University and agencies and departments of the federal government and all
subawards made to the University by nonfederal organizations pursuant to federal grants, contracts, and
similar agreements. The information in this Schedule is presented in accordance with the 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
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. There were no federal award expenditures
passed through to subrecipients for the year ended May 31, 2023.
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Loyola University Maryland, Inc. (the University) under programs of the federal government for the year ended May 31, 2023.For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal government and all subawards made to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The information in this Schedule is presented in accordance with the 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 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. There were no federal award expenditures passed through to subrecipients for the year ended May 31, 2023. 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. Expenditures for federal student financial aid programs are recognized as incurred and include grants awarded under the Federal Pell Program, loan disbursements under the Federal Perkins Loan, Federal Direct Stafford Loan, Federal Direct PLUS Loan, and Federal Direct GradPLUS Loan Programs, (collectively Federal Direct Loans), the federal share of grants awarded under Federal Supplemental
Educational Opportunity Grants, the federal share of earnings under the Federal Work-Study Program, and administrative cost allowances where applicable. Loans made under the Federal Direct Loans are disbursed by the federal government.
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 University operates under predetermined fixed indirect cost rates. The indirect cost rate effective at the grant award date is effective throughout the grant period. The predetermined fixed indirect cost rate for grants awarded in fiscal year 2023 is 45% for on-campus programs and 25% for off-campus programs.
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.
Expenditures for federal student financial aid programs are recognized as incurred and include grants
awarded under the Federal Pell Program, loan disbursements under the Federal Perkins Loan, Federal
Direct Stafford Loan, Federal Direct PLUS Loan, and Federal Direct GradPLUS Loan Programs,
(collectively Federal Direct Loans), the federal share of grants awarded under Federal Supplemental
Educational Opportunity Grants, the federal share of earnings under the Federal Work-Study Program, and
administrative cost allowances where applicable. Loans made under the Federal Direct Loans are
disbursed by the federal government.
Title: Indirect Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Loyola University Maryland, Inc. (the University) under programs of the federal government for the year ended May 31, 2023.For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal government and all subawards made to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The information in this Schedule is presented in accordance with the 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 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. There were no federal award expenditures passed through to subrecipients for the year ended May 31, 2023. 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. Expenditures for federal student financial aid programs are recognized as incurred and include grants awarded under the Federal Pell Program, loan disbursements under the Federal Perkins Loan, Federal Direct Stafford Loan, Federal Direct PLUS Loan, and Federal Direct GradPLUS Loan Programs, (collectively Federal Direct Loans), the federal share of grants awarded under Federal Supplemental
Educational Opportunity Grants, the federal share of earnings under the Federal Work-Study Program, and administrative cost allowances where applicable. Loans made under the Federal Direct Loans are disbursed by the federal government.
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 University operates under predetermined fixed indirect cost rates. The indirect cost rate effective at the grant award date is effective throughout the grant period. The predetermined fixed indirect cost rate for grants awarded in fiscal year 2023 is 45% for on-campus programs and 25% for off-campus programs.
The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance. The University operates under predetermined fixed indirect cost rates. The indirect cost
rate effective at the grant award date is effective throughout the grant period. The predetermined fixed
indirect cost rate for grants awarded in fiscal year 2023 is 45% for on-campus programs and 25% for
off-campus programs.
Title: Federal Perkins Loan Program
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Loyola University Maryland, Inc. (the University) under programs of the federal government for the year ended May 31, 2023.For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal government and all subawards made to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The information in this Schedule is presented in accordance with the 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 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. There were no federal award expenditures passed through to subrecipients for the year ended May 31, 2023. 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. Expenditures for federal student financial aid programs are recognized as incurred and include grants awarded under the Federal Pell Program, loan disbursements under the Federal Perkins Loan, Federal Direct Stafford Loan, Federal Direct PLUS Loan, and Federal Direct GradPLUS Loan Programs, (collectively Federal Direct Loans), the federal share of grants awarded under Federal Supplemental
Educational Opportunity Grants, the federal share of earnings under the Federal Work-Study Program, and administrative cost allowances where applicable. Loans made under the Federal Direct Loans are disbursed by the federal government.
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 University operates under predetermined fixed indirect cost rates. The indirect cost rate effective at the grant award date is effective throughout the grant period. The predetermined fixed indirect cost rate for grants awarded in fiscal year 2023 is 45% for on-campus programs and 25% for off-campus programs.
The Federal Perkins Loan Program (Perkins) (AL #84.038) is administered directly by the University and balances and transactions relating to the program are included in the University’s financial statements. The balance of loans outstanding as of May 31, 2023 and funds advanced by the University to eligible students during the year ended May 31, 2023 under the program are summarized as follows: Federal Perkins Loans receivable as of May 31, 2022 $761,170, Additional funds advanced to students $0, Loans assigned to the federal government ($105,177), Collections ($249,538), Federal Perkins Loans receivable as of May 31, 2023 $406,455. The schedule of expenditures of federal awards, in accordance with the Uniform Guidance, presents Perkins Loans expenditures as the sum of the June 1, 2022 balance, additional funds advanced to students, and administrative costs. There were no advances or administrative costs during the fiscal year.
Title: Federal Direct Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Loyola University Maryland, Inc. (the University) under programs of the federal government for the year ended May 31, 2023.For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal government and all subawards made to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The information in this Schedule is presented in accordance with the 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 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. There were no federal award expenditures passed through to subrecipients for the year ended May 31, 2023. 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. Expenditures for federal student financial aid programs are recognized as incurred and include grants awarded under the Federal Pell Program, loan disbursements under the Federal Perkins Loan, Federal Direct Stafford Loan, Federal Direct PLUS Loan, and Federal Direct GradPLUS Loan Programs, (collectively Federal Direct Loans), the federal share of grants awarded under Federal Supplemental
Educational Opportunity Grants, the federal share of earnings under the Federal Work-Study Program, and administrative cost allowances where applicable. Loans made under the Federal Direct Loans are disbursed by the federal government.
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 University operates under predetermined fixed indirect cost rates. The indirect cost rate effective at the grant award date is effective throughout the grant period. The predetermined fixed indirect cost rate for grants awarded in fiscal year 2023 is 45% for on-campus programs and 25% for off-campus programs.
During the year ended May 31, 2023, the University issued $37,435,668 of total new loans under the Federal Direct Loans (AL #84.268, which includes Federal Direct Stafford Loans, Federal Direct PLUS Loans, and Federal Direct GradPLUS Loans). The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loans; accordingly, these loans are not included in the University’s financial statements, and it is not practical to determine the balance of loans outstanding to students and former students of the University under this program as of May 31, 2023.