Title: 1. GENERAL
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Winthrop University. The reporting entity is defined in Note 1 of the University's financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are on the schedule. The University has not elected to use the 10% de minimis cost rate. The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 of the University's financial statements.
De Minimis Rate Used: N
Rate Explanation: Effective July 1, 2022 through June 30, 2026, the University uses the following federally negotiated indirect cost rates: for on-campus programs, 62% of salaries, wages and fringe benefits and for off-campus programs, 26% of salaries, wages and fringe benefits. The Facilities and Administrative Rate (also known as Indirect Cost Rate) for Winthrop University is reviewed and approved by the Cost Allocation Division of the US Department of Health and Human Services (US DHHS). This rate is used in all grant applications, both federal and non-federal, submitted by the University, unless the program guidelines specifically state a rate less than Winthrop's Facilities and Administrative Rate or prohibit the recovery of administrative overhead costs. Any variance from the application of this rates must be approved by the University's Grants and Sponsored Research Development Office.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Winthrop University. The reporting entity is defined in Note 1 of the University's financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule. The University has not elected to use the 10% de minimis cost rate.
Title: 2. BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Winthrop University. The reporting entity is defined in Note 1 of the University's financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are on the schedule. The University has not elected to use the 10% de minimis cost rate. The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 of the University's financial statements.
De Minimis Rate Used: N
Rate Explanation: Effective July 1, 2022 through June 30, 2026, the University uses the following federally negotiated indirect cost rates: for on-campus programs, 62% of salaries, wages and fringe benefits and for off-campus programs, 26% of salaries, wages and fringe benefits. The Facilities and Administrative Rate (also known as Indirect Cost Rate) for Winthrop University is reviewed and approved by the Cost Allocation Division of the US Department of Health and Human Services (US DHHS). This rate is used in all grant applications, both federal and non-federal, submitted by the University, unless the program guidelines specifically state a rate less than Winthrop's Facilities and Administrative Rate or prohibit the recovery of administrative overhead costs. Any variance from the application of this rates must be approved by the University's Grants and Sponsored Research Development Office.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 of the University's financial statements.
Title: 3. LOAN PROGRAMS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Winthrop University. The reporting entity is defined in Note 1 of the University's financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are on the schedule. The University has not elected to use the 10% de minimis cost rate. The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 of the University's financial statements.
De Minimis Rate Used: N
Rate Explanation: Effective July 1, 2022 through June 30, 2026, the University uses the following federally negotiated indirect cost rates: for on-campus programs, 62% of salaries, wages and fringe benefits and for off-campus programs, 26% of salaries, wages and fringe benefits. The Facilities and Administrative Rate (also known as Indirect Cost Rate) for Winthrop University is reviewed and approved by the Cost Allocation Division of the US Department of Health and Human Services (US DHHS). This rate is used in all grant applications, both federal and non-federal, submitted by the University, unless the program guidelines specifically state a rate less than Winthrop's Facilities and Administrative Rate or prohibit the recovery of administrative overhead costs. Any variance from the application of this rates must be approved by the University's Grants and Sponsored Research Development Office.
The University has students who have approved loans which were received by those students during the current year. The University is not the lender, it only processes them for the lender the student chooses. The totals and types of loans received for the current fiscal years are Federal Direct Loans of $32,745,695. The Federal Perkins Loan Program 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 under the Federal Perkins Loan program was $3,924 as of June 30, 2023. Please see the Notes to Schedule of Expenditures of Federal Awards in Footnote 3 LOAN PROGRAMS for the table of expenditures for June 30, 2023.