Title: Note 3. Indirect Cost Rate
Accounting Policies: Note 1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal
grant activity of Vincennes University (University) under programs of the federal government
for the year ending June 30, 2023. 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 Requirement for Federal
Awards (Uniform Guidance). For purposes of the Schedule, federal awards include all federal
assistance and procurement relationships entered into directly between the University and the
federal government and sub-awards from non-federal organizations made under federally
sponsored agreements. The Schedule presents only a selective portion of the activities of the
University; therefore, it is not intended to and does not present the financial position, change in
financial position, or cash flow of the University.
Student Financial Assistance
Expenditures for non-loan assistance made to students are recognized and reported in the
Schedule of Expenditures of Federal Awards.
Student loan programs are funded by the federal government under various programs; e.g.,
Perkins Student Loan Program and Nursing Student Loan Program. Activity related to these loan
programs include federal and university capital contributions, loan repayments, interest earned on
loans, cancellation of loans, and administrative and collection costs.
De Minimis Rate Used: N
Rate Explanation: Note 2. Summary of Significant Accounting Policies
Expenditures reported on the schedule are reported on the accrual basis of accounting. These
expenditures are recognized following the cost principles contained in the Uniform Guidance,
whereas, certain types of expenditures are not allowable or are limited as to reimbursement.
The University did not elect to use the 10 percent de minimis cost rate. Vincennes University
has an approved indirect cost rate of 39.70 percent for on-campus programs and 10.30 percent
for off- campus programs using a modified total direct cost basis. The University’s cognizant
agency is Health and Human Services. The effective period for these rates is July 1, 2021
through June 30, 2025.
Title: Note 4. Federal Direct Student Loans
Accounting Policies: Note 1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal
grant activity of Vincennes University (University) under programs of the federal government
for the year ending June 30, 2023. 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 Requirement for Federal
Awards (Uniform Guidance). For purposes of the Schedule, federal awards include all federal
assistance and procurement relationships entered into directly between the University and the
federal government and sub-awards from non-federal organizations made under federally
sponsored agreements. The Schedule presents only a selective portion of the activities of the
University; therefore, it is not intended to and does not present the financial position, change in
financial position, or cash flow of the University.
Student Financial Assistance
Expenditures for non-loan assistance made to students are recognized and reported in the
Schedule of Expenditures of Federal Awards.
Student loan programs are funded by the federal government under various programs; e.g.,
Perkins Student Loan Program and Nursing Student Loan Program. Activity related to these loan
programs include federal and university capital contributions, loan repayments, interest earned on
loans, cancellation of loans, and administrative and collection costs.
De Minimis Rate Used: N
Rate Explanation: Note 2. Summary of Significant Accounting Policies
Expenditures reported on the schedule are reported on the accrual basis of accounting. These
expenditures are recognized following the cost principles contained in the Uniform Guidance,
whereas, certain types of expenditures are not allowable or are limited as to reimbursement.
The Schedule of Expenditures of Federal Awards includes Federal Direct Student loans which
were not made by the University, but were received by its students. The University is responsible
only for the performance of certain administrative duties with respect to these loans.
The number of guaranteed loans and the total amount processed for each Direct Loan Program
for the year ended June 30, 2023, were as follows:
Title: Note 5. Federal Student Loan Program
Accounting Policies: Note 1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal
grant activity of Vincennes University (University) under programs of the federal government
for the year ending June 30, 2023. 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 Requirement for Federal
Awards (Uniform Guidance). For purposes of the Schedule, federal awards include all federal
assistance and procurement relationships entered into directly between the University and the
federal government and sub-awards from non-federal organizations made under federally
sponsored agreements. The Schedule presents only a selective portion of the activities of the
University; therefore, it is not intended to and does not present the financial position, change in
financial position, or cash flow of the University.
Student Financial Assistance
Expenditures for non-loan assistance made to students are recognized and reported in the
Schedule of Expenditures of Federal Awards.
Student loan programs are funded by the federal government under various programs; e.g.,
Perkins Student Loan Program and Nursing Student Loan Program. Activity related to these loan
programs include federal and university capital contributions, loan repayments, interest earned on
loans, cancellation of loans, and administrative and collection costs.
De Minimis Rate Used: N
Rate Explanation: Note 2. Summary of Significant Accounting Policies
Expenditures reported on the schedule are reported on the accrual basis of accounting. These
expenditures are recognized following the cost principles contained in the Uniform Guidance,
whereas, certain types of expenditures are not allowable or are limited as to reimbursement.
The University participates in various loan programs. The University maintains revolving loan
funds for the Perkins and Nursing Student Loan Programs. The Perkins Loan and the Nursing
Student Loan Programs are administered by the University. The balances and transactions
related to these programs are included in the University’s financial statements; therefore, the
federal expenditures include the entire amount reported in the loan fund which also includes
the outstanding loans to students. The following schedule represents loans outstanding as of
June 30, 2023: