Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expeditures of Federal Awards (the schedule) summarized the expenidtures of Drexel University and Subsidiaries (the University) under programs of the federal government for the year ended June 20, 2023. 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, revenue, expenses, and changes in net assets of the University. For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly beteween the University and agencies or departments of the federal government and all sub-awards to the University by non federal organizations pursuant to federal grants, contracts and similar agreements. Federally guarantees loans issued to students of the University by various financial institutions and campus based lona programs, disclosed in Note 3, are also included in the Schedule. The Schedule is presented using the accrual basis of accounting. Negative items on the Schedule represent adjustments from the prior year.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimus cost rate as described in Section 200.414 of the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Drexel University and its subsidiaries (the “University”) under programs of the federal government for the year ended June 30, 2023. 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, revenues, expenses, and changes in net assets of the University.For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies or departments of the federal government and all sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.Federally guaranteed loans issued to students of the University by various financial institutions and campus-based loan programs, disclosed in Note 3, are also included in the Schedule. The Schedule is presented using the accrual basis of accounting. Negative items on the Schedule represent adjustments from the prior year.
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expeditures of Federal Awards (the schedule) summarized the expenidtures of Drexel University and Subsidiaries (the University) under programs of the federal government for the year ended June 20, 2023. 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, revenue, expenses, and changes in net assets of the University. For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly beteween the University and agencies or departments of the federal government and all sub-awards to the University by non federal organizations pursuant to federal grants, contracts and similar agreements. Federally guarantees loans issued to students of the University by various financial institutions and campus based lona programs, disclosed in Note 3, are also included in the Schedule. The Schedule is presented using the accrual basis of accounting. Negative items on the Schedule represent adjustments from the prior year.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimus cost rate as described in Section 200.414 of the Uniform Guidance.
The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance.
Title: Federal Student Loan Programs
Accounting Policies: The accompanying Schedule of Expeditures of Federal Awards (the schedule) summarized the expenidtures of Drexel University and Subsidiaries (the University) under programs of the federal government for the year ended June 20, 2023. 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, revenue, expenses, and changes in net assets of the University. For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly beteween the University and agencies or departments of the federal government and all sub-awards to the University by non federal organizations pursuant to federal grants, contracts and similar agreements. Federally guarantees loans issued to students of the University by various financial institutions and campus based lona programs, disclosed in Note 3, are also included in the Schedule. The Schedule is presented using the accrual basis of accounting. Negative items on the Schedule represent adjustments from the prior year.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimus cost rate as described in Section 200.414 of the Uniform Guidance.
The University also participates in and administers the following student loan programs: Other student loan programs: Federal Perkins Loan Program 84.038 $7,163,349; Primary Care Loans 93.242 $0.00; Loans for Disadvantaged Students 93.342 $0.00; Nursing Student Loan 93.364 $0.00 Total $7,163,349. Drexel University accounts for such loan programs in separate revolving loan funds. As such, the balances and transactions of these loan programs are recorded in Drexel University's consolidated financial statements. There was no administrative cost allowance for the Federal Perkins Loan Program for the year ended June 30, 2023. The amount of Perkins loan principal canceled during the year was $69,178 (Assistance Listing 84.038).