Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal awards (the Schedule) includes the federal grant activity of the University recorded on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2023, were based on predetermined fixed rates up to 62% of salary/wages or 35% of modified total direct cost (MTDC) negotiated with the University’s cognizant federal agency, the Department of Health and Human Services (DHHS), and are included as a component of the expenditures in the Schedule.
The accompanying Schedule of Expenditures of Federal awards (the Schedule) includes the federal grant activity of the University recorded on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: Student Financial Assistance Expenditures
Accounting Policies: The accompanying Schedule of Expenditures of Federal awards (the Schedule) includes the federal grant activity of the University recorded on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2023, were based on predetermined fixed rates up to 62% of salary/wages or 35% of modified total direct cost (MTDC) negotiated with the University’s cognizant federal agency, the Department of Health and Human Services (DHHS), and are included as a component of the expenditures in the Schedule.
Student financial assistance program expenditures include payments to students and each program’s administrative allowance, and exclude amounts representing cost sharing or matching. The University did not claim for any administrative allowances in the current year.
Title: Federal Student Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal awards (the Schedule) includes the federal grant activity of the University recorded on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2023, were based on predetermined fixed rates up to 62% of salary/wages or 35% of modified total direct cost (MTDC) negotiated with the University’s cognizant federal agency, the Department of Health and Human Services (DHHS), and are included as a component of the expenditures in the Schedule.
The University had the following loan balances outstanding at June 30, 2023. Loans made during the year are included in the federal expenditures presented in the schedule (in thousands): U.S. Department of Education: Federal Perkins Loan Program 84.038 $4,479; U.S. Department of Health and Human Services: Health Professions Student Loans Including Primary Care 93.342 $9,928
Title: Indirect Cost Rates
Accounting Policies: The accompanying Schedule of Expenditures of Federal awards (the Schedule) includes the federal grant activity of the University recorded on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2023, were based on predetermined fixed rates up to 62% of salary/wages or 35% of modified total direct cost (MTDC) negotiated with the University’s cognizant federal agency, the Department of Health and Human Services (DHHS), and are included as a component of the expenditures in the Schedule.
The University has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2023, were based on predetermined fixed rates up to 62% of salary/wages or 35% of modified total direct cost (MTDC) negotiated with the University’s cognizant federal agency, the Department of Health and Human Services (DHHS), and are included as a component of the expenditures in the Schedule.