Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the federal expenditures of St. Francis College (the “College”) for the year ended June 30, 2023, and is prepared on
the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Accordingly, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the College’s fiscal 2023 financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10% de minimus indirect cost rate as provided by §200.414 Indirect (“F&A”) Costs of the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the federal
expenditures of St. Francis College (the “College”) for the year ended June 30, 2023, and is prepared on
the accrual basis of accounting. The information in this Schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”).
Accordingly, some amounts presented in the Schedule may differ from amounts presented in, or used in,
the preparation of the College’s fiscal 2023 financial statements.
Title: FEDERAL DIRECT STUDENT LOAN PROGRAM
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the federal expenditures of St. Francis College (the “College”) for the year ended June 30, 2023, and is prepared on
the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Accordingly, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the College’s fiscal 2023 financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10% de minimus indirect cost rate as provided by §200.414 Indirect (“F&A”) Costs of the Uniform Guidance.
In relation to the Federal Direct Student Loan Program, the College is responsible only for the performance of certain administrative duties; therefore, the program’s balance of loans outstanding and related transactions are not included in the College’s financial statements. It is not practicable to determine the balance of loans outstanding to students of the College under this program at June 30, 2023. The Schedule includes the amounts loaned to students during the year ended June 30, 2023.
Title: FEDERAL PERKINS LOANS PROGRAM
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the federal expenditures of St. Francis College (the “College”) for the year ended June 30, 2023, and is prepared on
the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Accordingly, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the College’s fiscal 2023 financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10% de minimus indirect cost rate as provided by §200.414 Indirect (“F&A”) Costs of the Uniform Guidance.
The federal student loan program listed below is administered directly by the College, and balances and transactions relating to this program are included in the College’s financial Statements. Loan activities and balances consist of the following: Perkins Loan Program Federal Assistance
Listing Number 84.038 Balance as of
June 30, 2022 $383,907 Loans Issued $- Payments Received $(174,897) Balance as of June 30, 2023 $209,010. There were no new federal capital contributions during the year ended June 30, 2023. On September 30, 2015, the Federal Perkins Loan Program expired. It was then extended on December 18, 2015 under The Perkins Loan Extension Act of 2015 to permit institutions to issue new loans, under amended guidelines, until September 30, 2017. No new Perkins loans can be issued under this Act subsequent to September 30, 2017. In addition, as part of this Act, prior to October 1, 2017, the College is
required to annually return the federal share of excess liquid capital, as defined, to the federal government. Beginning on October 1, 2017, the federal share of all Perkins funds, including future collections of principal and interest, must be returned to the federal government.