Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for
Educational Institutions or the 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,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The University
of Indianapolis (“University”) has elected to use the 10-percent 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 the University under programs of the federal government for the year ended 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
Requirements for Federal Awards (Uniform Guidance). 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.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for
Educational Institutions or the 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,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. The University
of Indianapolis (“University”) has elected to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Title: NOTE 2 - FEDERAL LOANS DISBURSED
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for
Educational Institutions or the 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,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The University
of Indianapolis (“University”) has elected to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The amount presented for Federal Perkins Loans represents the federal loan balance outstanding at
June 30, 2022 for which the government imposes continuing compliance requirements. This included no
new federal funds. There were no new Perkins loans funded during the 2021-2022 or the 2022-2023 award
years. The balance of outstanding Perkins loans receivable at June 30, 2023 was $371,917.
The University also participates in the Federal Direct Student Loans Program. Direct Loans includes Direct
Loans, Direct Unsubsidized Loans, and Direct PLUS Loans. The dollar amounts are listed in the schedule
of federal awards although the University is not the recipient of the funds. Such programs are considered
a component of the student financial assistance cluster. New loans processed for students during the year
ended June 30 were as follows:
2022
Federal Direct Student Loans Program
Direct Loan
Subsidized $ 6,419,974
Unsubsidized 21,667,997
PLUS 9,043,079
$ 37,131,050