Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis cost rate, as allowable, under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Naropa University (the University) under programs of the federal government for the year ended June 30, 2023. The information 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.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis cost rate, as allowable, under the Uniform Guidance.
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis cost rate, as allowable, under the Uniform Guidance.
The University has elected to use the 10% de minimis cost rate, as allowable, under the Uniform Guidance.
Title: NOTE 4 - FEDERAL STUDENT LOAN PROGRAM
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis cost rate, as allowable, under the Uniform Guidance.
The federal student loan programs listed subsequently are administered directly by the University and balances and transactions relating to these programs are included in the University's basic financial statements. The balance of loans outstanding at June 30, 2023 consists of: Federal Financial Assistance Listing - 84.038; Program Name - Perkins Loan Program; Outstanding Balance at June 30, 2023 - $127,728.