Title: (1) Basis of Presentation
Accounting Policies: Expenditures for student financial aid programs include the federal share of students’ Federal
Supplemental Educational Opportunity Grant (FSEOG) program grants and Federal Work-Study (FWS)
Program earnings, certain other federal financial aid for students, and administrative cost allowances,
where applicable. Federal Pell grant awards are recognized as agency transactions and are not recorded
as expenditures in the financial statements.
Expenditures for federal research and development programs are determined using the cost accounting
principles and procedures set forth 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. Under these cost principles,
certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate, as discussed in Uniform Guidance
Section 200.414.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of the Medical University of South Carolina (the University) and is presented on the accrual basis of
accounting. The information in the Schedule is presented in accordance with the requirements of Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at Title 2
U.S. Code of Federal Regulation Part 200 (Uniform Guidance). Therefore, some amounts presented in the
Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: (2) Summary of Significant Accounting Policies for Federal Award Expenditures
Accounting Policies: Expenditures for student financial aid programs include the federal share of students’ Federal
Supplemental Educational Opportunity Grant (FSEOG) program grants and Federal Work-Study (FWS)
Program earnings, certain other federal financial aid for students, and administrative cost allowances,
where applicable. Federal Pell grant awards are recognized as agency transactions and are not recorded
as expenditures in the financial statements.
Expenditures for federal research and development programs are determined using the cost accounting
principles and procedures set forth 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. Under these cost principles,
certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate, as discussed in Uniform Guidance
Section 200.414.
Expenditures for student financial aid programs include the federal share of students’ Federal
Supplemental Educational Opportunity Grant (FSEOG) program grants and Federal Work-Study (FWS)
Program earnings, certain other federal financial aid for students, and administrative cost allowances,
where applicable. Federal Pell grant awards are recognized as agency transactions and are not recorded
as expenditures in the financial statements.
Expenditures for federal research and development programs are determined using the cost accounting
principles and procedures set forth 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. Under these cost principles,
certain expenditures are not allowable or are limited as to reimbursement.
Title: (3) Noncash Assistance
Accounting Policies: Expenditures for student financial aid programs include the federal share of students’ Federal
Supplemental Educational Opportunity Grant (FSEOG) program grants and Federal Work-Study (FWS)
Program earnings, certain other federal financial aid for students, and administrative cost allowances,
where applicable. Federal Pell grant awards are recognized as agency transactions and are not recorded
as expenditures in the financial statements.
Expenditures for federal research and development programs are determined using the cost accounting
principles and procedures set forth 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. Under these cost principles,
certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate, as discussed in Uniform Guidance
Section 200.414.
Most federal financial assistance is in the form of cash awards. However, there are a number of federal
programs that do not involve cash transactions with the University. These noncash transactions in which
the University obtains other assistance are the Federal Direct Student Loan Program, which includes the
Federal Direct Stafford Student Loan program (subsidized and unsubsidized) and the Federal Direct Parent
Loans for Undergraduate Students (PLUS).
The loans are as follows for the various student loan programs:
ALN Amount
Federal Direct Student Loan Program – Student loans: 84.268
Direct Stafford Loan Program $ 780,105
Direct Unsubsidized Stafford Loan Program 59,199,966
Federal Direct PLUS Loan Program 136,879
Federal Direct Graduate PLUS Loan Program 43,283,997
Total Federal Direct Student Loan Program $ 103,400,947 The Federal Perkins Loan, the Health Professions Student Loan (HPSL), the Nurse Faculty Loan Program
(NFLP), and the Nursing Student Loan (NSL) programs 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 under the Federal Perkins, HPSL, NFLP, and NSL programs
was $1,073,933, $6,071,621, $1,530,635, and $2,890,786, respectively, as of June 30, 2023.
The University is responsible only for the performance of certain administrative duties with respect to the
guaranteed student loan programs, and accordingly, these loans are not included in its financial
statements. It is not practicable to determine the balance of loans outstanding to students and former
students of the University under these programs as of June 30, 2023.
Title: (4) Matching
Accounting Policies: Expenditures for student financial aid programs include the federal share of students’ Federal
Supplemental Educational Opportunity Grant (FSEOG) program grants and Federal Work-Study (FWS)
Program earnings, certain other federal financial aid for students, and administrative cost allowances,
where applicable. Federal Pell grant awards are recognized as agency transactions and are not recorded
as expenditures in the financial statements.
Expenditures for federal research and development programs are determined using the cost accounting
principles and procedures set forth 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. Under these cost principles,
certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate, as discussed in Uniform Guidance
Section 200.414.
Under the FWS program, the University matched $71,774 in total compensation for the year ended
June 30, 2023 in addition to the federal share of expenditures in the accompanying schedule of
expenditures of federal awards.
Under the FSEOG program, the University matched $39,813 in funds awarded to students for the year
ended June 30, 2023 in addition to the federal expenditures in the accompanying schedule of expenditures
of federal awards.
Title: (5) Indirect Cost Rate
Accounting Policies: Expenditures for student financial aid programs include the federal share of students’ Federal
Supplemental Educational Opportunity Grant (FSEOG) program grants and Federal Work-Study (FWS)
Program earnings, certain other federal financial aid for students, and administrative cost allowances,
where applicable. Federal Pell grant awards are recognized as agency transactions and are not recorded
as expenditures in the financial statements.
Expenditures for federal research and development programs are determined using the cost accounting
principles and procedures set forth 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. Under these cost principles,
certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate, as discussed in Uniform Guidance
Section 200.414.
The University did not elect to use the 10% de minimis indirect cost rate, as discussed in Uniform Guidance
Section 200.414.
Title: (6) Provider Relief Funding
Accounting Policies: Expenditures for student financial aid programs include the federal share of students’ Federal
Supplemental Educational Opportunity Grant (FSEOG) program grants and Federal Work-Study (FWS)
Program earnings, certain other federal financial aid for students, and administrative cost allowances,
where applicable. Federal Pell grant awards are recognized as agency transactions and are not recorded
as expenditures in the financial statements.
Expenditures for federal research and development programs are determined using the cost accounting
principles and procedures set forth 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. Under these cost principles,
certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate, as discussed in Uniform Guidance
Section 200.414.
COVID-19 CARES – Provider Relief (ALN 93.498) represents total expenditures and/or lost revenues from
the Period 4 and 5 to report submissions to the PRF Reporting Portal. Period 4 is based on payments
received from July 1, 2021 to December 31, 2021, with a period of availability of expenses and/or lost
revenue from January 1, 2020 to December 31, 2022. Period 5 is based on payments received from
January 1, 2022 to June 30, 2022, with a period of availability of expenses and/or lost revenue from
January 1, 2020 to June 30, 2023.