Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The purpose of the schedule of expenditures of federal awards (the Schedule) is to present a summary of those activities of University of St. Thomas that have been financed by the United States government (federal awards). Federal awards received directly from federal agencies are included in the Schedule, as are federal guaranteed loans disbursed by other sources. Additionally, all federal awards passed through from other entities have been included in the Schedule. The University is required to match certain grant agreements, as defined in the grants, and these matching amounts are not included in the Schedule.
The information in the Schedule is presented in accordance with requirements of 2 CFR 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 consolidated financial position, changes in net assets, or cash flows of University of St. Thomas.
Title: FEDERAL AWARDS PROVIDED TO SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Of the federal expenditures presented on the schedule of expenditures of federal awards, the University of St. Thomas provided federal awards to subrecipients in other programs as follows: (Federal Grantor/Program Title, Federal Catalog Number, Amount Provided to Subrecipients)
Expanding Pathways for STEM Teacher Education to Better Serve Minnesota’s Diverse Student Populations, 47.076, $5
RCN-UBE: Training Undergraduate Biologists through Urban Agriculture, 47.074, $2
Alternate Pathways to Excellence: Engineering a Transfer- Friendly Experience, 47.076, $10
Prepare Highly Effective Diverse and Culturally Relevant Educators through Residency Pathways, 84.336S, $373
A Digital and Open-Source Amplifier for Oocyte Ion Channel Measurements, 93.853, $8
State of Minnesota Department of Employment and Economic Development: Small Business Development Center Grant Contract Program, 59.037, $73
Total Subawards: $471
Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The University had Federal Perkins Loans with continuing compliance requirements of $1,416 outstanding at June 30, 2022. During the fiscal year 2023, no new loans were made, resulting in total expenditures of federal awards for Perkins Loans of $1,416 for the year ended June 30, 2023. After considering loan receipts, cancelations, and assignments, respectively, the balance outstanding was $790 at June 30, 2023. The University had the following loan balances of the Federal Perkins Loan Program as of June 30, 2023: (in thousands) Federal Perkins Loan Program (CFDA #84.038) Loan
Balance $ 790 Loans Advanced $ -