Title: (1) Basis of Presentation
Accounting Policies: 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. The University has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Pace University (the University) under programs of the federal government and is presented on the accrual basis of accounting. The information in the 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the University s financial statements. 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.
Title: (2) Summary of Significant Accounting Policies
Accounting Policies: 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. The University has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
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. The University has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: (3) Federal Perkins Loan Program, Nurse Faculty Loans Program, and Nursing Student Loans Program
Accounting Policies: 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. The University has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The University administers and accounts for all aspects of the Federal Perkins Loan Program, Nurse Faculty Loans Program, and Nursing Student Loans Program. Therefore, the University s financial statements include the programs transactions. Loans outstanding at the beginning of the year, loans made during the year, and administrative costs are included in the federal expenditures presented on the accompanying Schedule of Expenditures of Federal Awards, detailed as follows:
See the Notes to the SEFA for chart/table
Assistance listing number: 84.038 Loans outstanding at July 1, 2022: $4,922,859 Amounts disbursed during the year ended June 30, 2023: $0 Administrative costs for the year ended June 30, 2023: $0 Total: $4,922,859
Assistance listing number: 93.264 Loans outstanding at July 1, 2022: $900,021 Amounts disbursed during the year ended June 30, 2023: $225,071 Administrative costs for the year ended June 30, 2023: $0 Total: $1,125,092
Assistance listing number: 93.364 Loans outstanding at July 1, 2022: $377,129 Amounts disbursed during the year ended June 30, 2023: $34,000 Administrative costs for the year ended June 30, 2023: $0 Total: $411,129
Federal Perkins Loan Program (84.038), Nurse Faculty Loans Program (93.264), and Nursing Student Loans Program (93.364) outstanding at June 30, 2023 were $2,745,967, $1,052,699, and $340,728 respectively.
Title: (4) Federal Direct Student Loans Program
Accounting Policies: 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. The University has elected not to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
For the Federal Direct Student Loans Program, the University is only responsible for the performance of certain administrative duties; therefore, the program s balance of loans outstanding and transactions are not included in the University s financial statements, and it is not practicable to determine the balances of loans outstanding to students of the University under this program at June 30, 2023. The Schedule includes the amounts loaned to students during the year ended June 30, 2023.