Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards (the SEFA) presents the expenditures of all federal awards programs of Carlow University (the University) using the accrual basis of accounting. The information in this SEFA 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 this SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, this SEFA 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: The University has not 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 SEFA) presents the expenditures of all federal awards programs of Carlow University (the University) using the accrual basis of accounting.
Title: Relationship to the Basic Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the SEFA) presents the expenditures of all federal awards programs of Carlow University (the University) using the accrual basis of accounting. The information in this SEFA 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 this SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, this SEFA 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: The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The information in this SEFA 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 this SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, this SEFA is not intended to, and does not present, the financial position, changes in net assets or cash flows of the University.
Title: Student Financial Assistance and Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the SEFA) presents the expenditures of all federal awards programs of Carlow University (the University) using the accrual basis of accounting. The information in this SEFA 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 this SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, this SEFA 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: The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Total loans granted under the Federal Direct Student Loan Program, which were not made by the University but were received by its students, were $21,992,656 for the year ended June 30, 2023. Total loans outstanding under the Federal Perkins Loan Program, the Nursing Student Loan Program and the Nurse Faculty Loan Program at June 30, 2023 were $1,718,068. In addition, loans totaling $337,421 were awarded under these programs during the year ended June 30, 2023.
Title: Major Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the SEFA) presents the expenditures of all federal awards programs of Carlow University (the University) using the accrual basis of accounting. The information in this SEFA 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 this SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, this SEFA 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: The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal awards expenditures for purposes of this calculation include loans administered under the Federal Direct Student Loan Program during the year ended June 30, 2023, and Federal Perkins Loans, Nursing Student Loans, and Nurse Faculty Loans outstanding as of June 30, 2022 plus loans awarded during the year ended June 30, 2023.
Title: Indirect Costs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the SEFA) presents the expenditures of all federal awards programs of Carlow University (the University) using the accrual basis of accounting. The information in this SEFA 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 this SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, this SEFA 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: The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.