Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant expenditure activity of the University of La Verne (the “University”) for the year ended June 30, 2023, and is presented using the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The Schedule presents only a selected portion of the operations of the University, and it is not intended to, and does not, present the financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: Organization did not use an indirect cost rate
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant expenditure activity of the University of La Verne (the “University”) for the year ended June 30, 2023, and is presented using the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The Schedule presents only a selected portion of the operations of the University, and it is not intended to, and does not, present the financial position, changes in net assets or cash flows of the University.
Title: Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant expenditure activity of the University of La Verne (the “University”) for the year ended June 30, 2023, and is presented using the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The Schedule presents only a selected portion of the operations of the University, and it is not intended to, and does not, present the financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: Organization did not use an indirect cost rate
The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Loan Advances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant expenditure activity of the University of La Verne (the “University”) for the year ended June 30, 2023, and is presented using the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The Schedule presents only a selected portion of the operations of the University, and it is not intended to, and does not, present the financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: Organization did not use an indirect cost rate
The University administers the Federal Perkins Loan Program (Federal Assistance Listing Number 84.038). The balance and transactions related to this program are included in the University’s financial statements. As of June 30, 2023, $548,512 of Federal Perkins Loan Program loans advanced by the University were outstanding. With respect to the Federal Direct Student Loan Program (Assistance Listing No. 84.268), the University is only responsible for the performance of certain administrative duties; therefore, the transactions and the balances of loans outstanding related to this program are not included in the University’s financial statements. During the year ended June 30, 2023, the University processed $60,069,338 of new loans.
Title: Subsequent Events
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant expenditure activity of the University of La Verne (the “University”) for the year ended June 30, 2023, and is presented using the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The Schedule presents only a selected portion of the operations of the University, and it is not intended to, and does not, present the financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: Organization did not use an indirect cost rate
The University has evaluated subsequent events through March 15, 2024, the date this Schedule was available to be issued. The University is not aware of any significant subsequent events which would require recognition or disclosure in the Schedule.