Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting.
Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ Federal Supplemental Educational Opportunity Grant program and Federal Work-Study program earnings, Federal Pell grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowances, where applicable.
Expenditures for other federal awards of the University’s academic and other divisions are determined using the cost accounting principles and procedures set forth in Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for the Federal Awards (Uniform Guidance). Under these cost principles, certain expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to claim indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Mount St. Mary’s University (the University) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule 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 for Federal Award Expenditures
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting.
Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ Federal Supplemental Educational Opportunity Grant program and Federal Work-Study program earnings, Federal Pell grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowances, where applicable.
Expenditures for other federal awards of the University’s academic and other divisions are determined using the cost accounting principles and procedures set forth in Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for the Federal Awards (Uniform Guidance). Under these cost principles, certain expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to claim indirect costs.
Expenditures reported on the Schedules are reported on the accrual basis of accounting.
Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ Federal Supplemental Educational Opportunity Grant program and Federal Work-Study program earnings, Federal Pell grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowances, where applicable.
Expenditures for other federal awards of the University’s academic and other divisions are determined using the cost accounting principles and procedures set forth in Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for the Federal Awards (Uniform Guidance). Under these cost principles, certain expenditures are not allowable or are limited as to reimbursements.
Title: Note 3. Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting.
Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ Federal Supplemental Educational Opportunity Grant program and Federal Work-Study program earnings, Federal Pell grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowances, where applicable.
Expenditures for other federal awards of the University’s academic and other divisions are determined using the cost accounting principles and procedures set forth in Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for the Federal Awards (Uniform Guidance). Under these cost principles, certain expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to claim indirect costs.
The University has not elected to use the 10% de minimus cost rate as allowed under the Uniform Guidance.
Title: Note 4. Federal Student Loan Programs
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting.
Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ Federal Supplemental Educational Opportunity Grant program and Federal Work-Study program earnings, Federal Pell grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowances, where applicable.
Expenditures for other federal awards of the University’s academic and other divisions are determined using the cost accounting principles and procedures set forth in Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for the Federal Awards (Uniform Guidance). Under these cost principles, certain expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to claim indirect costs.
Loans made to University students under the various federal loan programs are summarized below for the year ended June 30, 2023:
The University administers the Federal Perkins Loan Program (Perkins). Therefore, the University’s financial statements include the Perkins Loan Fund balances and transactions. The gross balance of Perkins loans outstanding as of June 30, 2023, was $899,498. The University had a reserve of $314,311 for uncollectible loans as of June 30, 2023, and, as such, the net Perkins loan balance outstanding was $585,187 as of June 30, 2023.
For the Federal Direct Student Loans, the University is responsible only for the performance of certain administrative duties; therefore, the loan balances and transactions for those programs are not included in the University’s basic financial statements. It is not practical to determine the balance of loans outstanding to students and former students of the University under these programs as of June 30, 2023.
Title: Note 5. Subrecipients
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting.
Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ Federal Supplemental Educational Opportunity Grant program and Federal Work-Study program earnings, Federal Pell grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowances, where applicable.
Expenditures for other federal awards of the University’s academic and other divisions are determined using the cost accounting principles and procedures set forth in Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for the Federal Awards (Uniform Guidance). Under these cost principles, certain expenditures are not allowable or are limited as to reimbursements.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to claim indirect costs.
For the year ended June 30, 2023, no amounts of federal awards were passed through to subrecipients by the University.