Title: 1) Basis of Presentation
Accounting Policies: Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ Federal Supplemental Educational Opportunity Grants program and Federal Work Study program earnings, Pell grants, loan disbursements, and administrative cost allowances under the Perkins and direct loan programs, where applicable.
Expenditures for other federal awards are determined using the cost accounting principles set forth in OMB Circular A 21, Cost Principles for Educational Institutions, and the uniform administrative requirements as set forth in OMB Circular A 110, Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Non Profit Organizations, or the administrative and cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, as applicable. Under these cost principles and administrative requirements, certain expenditures are not allowable or are limited as to expenditures include facilities and administrative costs, related primarily to facilities operation and maintenance and general, divisional, and departmental administrative services, which are allocated as a percentage of direct cost based on negotiated rates. Facilities and administrative costs allocated to such awards for the year ended June 30, 2023 were based on predetermined fixed rates negotiated with the University’s cognizant federal agency, Department of Health and Human Services. The University has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Facilities and administrative costs allocated to such awards for the year ended June 30, 2023 were based on predetermined fixed rates negotiated with the University’s cognizant federal agency, Department of Health and Human Services. The University has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes all grants, contracts, and similar agreements entered into directly between the University of Delaware and its subsidiaries (the University) and agencies and departments of the federal government and all sub awards to the University by other organizations pursuant to federal grants, contracts, and similar agreements. The information in the Schedule is prepared on the accrual basis of accounting. The federal award information is presented in accordance with the provisions 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, certain amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
Title: 2) Summary of Significant Accounting Policies
Accounting Policies: Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ Federal Supplemental Educational Opportunity Grants program and Federal Work Study program earnings, Pell grants, loan disbursements, and administrative cost allowances under the Perkins and direct loan programs, where applicable.
Expenditures for other federal awards are determined using the cost accounting principles set forth in OMB Circular A 21, Cost Principles for Educational Institutions, and the uniform administrative requirements as set forth in OMB Circular A 110, Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Non Profit Organizations, or the administrative and cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, as applicable. Under these cost principles and administrative requirements, certain expenditures are not allowable or are limited as to expenditures include facilities and administrative costs, related primarily to facilities operation and maintenance and general, divisional, and departmental administrative services, which are allocated as a percentage of direct cost based on negotiated rates. Facilities and administrative costs allocated to such awards for the year ended June 30, 2023 were based on predetermined fixed rates negotiated with the University’s cognizant federal agency, Department of Health and Human Services. The University has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Facilities and administrative costs allocated to such awards for the year ended June 30, 2023 were based on predetermined fixed rates negotiated with the University’s cognizant federal agency, Department of Health and Human Services. The University has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ Federal Supplemental Educational Opportunity Grants program and Federal Work Study program earnings, Pell grants, loan disbursements, and administrative cost allowances under the Perkins and direct loan programs, where applicable.
Expenditures for other federal awards are determined using the cost accounting principles set forth in OMB Circular A 21, Cost Principles for Educational Institutions, and the uniform administrative requirements as set forth in OMB Circular A 110, Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Non Profit Organizations, or the administrative and cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, as applicable. Under these cost principles and administrative requirements, certain expenditures are not allowable or are limited as to expenditures include facilities and administrative costs, related primarily to facilities operation and maintenance and general, divisional, and departmental administrative services, which are allocated as a percentage of direct cost based on negotiated rates. Facilities and administrative costs allocated to such awards for the year ended June 30, 2023 were based on predetermined fixed rates negotiated with the University’s cognizant federal agency, Department of Health and Human Services. The University has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: 3) Federal Student Financial Aid Loan Programs
Accounting Policies: Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ Federal Supplemental Educational Opportunity Grants program and Federal Work Study program earnings, Pell grants, loan disbursements, and administrative cost allowances under the Perkins and direct loan programs, where applicable.
Expenditures for other federal awards are determined using the cost accounting principles set forth in OMB Circular A 21, Cost Principles for Educational Institutions, and the uniform administrative requirements as set forth in OMB Circular A 110, Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Non Profit Organizations, or the administrative and cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, as applicable. Under these cost principles and administrative requirements, certain expenditures are not allowable or are limited as to expenditures include facilities and administrative costs, related primarily to facilities operation and maintenance and general, divisional, and departmental administrative services, which are allocated as a percentage of direct cost based on negotiated rates. Facilities and administrative costs allocated to such awards for the year ended June 30, 2023 were based on predetermined fixed rates negotiated with the University’s cognizant federal agency, Department of Health and Human Services. The University has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Facilities and administrative costs allocated to such awards for the year ended June 30, 2023 were based on predetermined fixed rates negotiated with the University’s cognizant federal agency, Department of Health and Human Services. The University has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Loans made by the University to eligible students under federal student loan programs and loans issued to students of the University by the U.S. Department of Education during the year ended June 30, 2023 are summarized as follows:
See the Notes to the SEFA for chart/table.
The Federal Perkins and Nursing Student Loan programs are administered directly by the University, and balances and transactions relating to these programs are included in the University’s consolidated financial statements. The amounts included on the Schedule under the Federal Perkins and Nursing Student Loan programs include the balance of the respective loan program as of July 1, 2022 of $4,429,532 and $962,146, respectively, and new loans issued during fiscal year 2023. As of June 30, 2023, loans receivable for Federal Perkins and Nursing Student Loan programs amount to $3,657,059 and $1,082,619, respectively.
The University is responsible only for the performance of certain administrative duties with respect to the Direct Loans, and accordingly, these loans are not included in its consolidated financial statements and it is not practical to determine the balance of loans outstanding to students and former students of the University under these programs. The amounts included on the Schedule for Direct Loans include all direct loans made to students during fiscal year 2023.