Title: Basis of Presentation
Accounting Policies: Federal financial assistance revenues from the Federal Work Study and the Federal Supplemental Educational Opportunity Grant programs are reported in the University’s financial statements as federal grant revenues. The activity of the Federal Direct Loan Program and Federal Pell Grant programs is not included in the University’s financial statements, as the benefits of these programs are awarded directly to students and not to the University.
Amounts reported in the accompanying Schedule are presented using the accrual basis of accounting, which is described in Note 1 to the University’s basic financial statements. Related federal financial reports are prepared on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Department of Health and Human Services has approved a maximum provisional indirect cost rate of 34.0%. The University recovers indirect costs at the maximum rate of 34.0% under federal programs that allow full indirect cost reimbursement, and recovers indirect costs at varying rates below 34.0% on other federal programs that do not allow full indirect cost recovery.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Fontbonne University (the University) for the year ended June 30, 2023. The information on the 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
For the purpose of the Schedule, federal awards include grants, contracts, loans and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government or passed through other government agencies or other organizations.
Title: Basis of Accounting
Accounting Policies: Federal financial assistance revenues from the Federal Work Study and the Federal Supplemental Educational Opportunity Grant programs are reported in the University’s financial statements as federal grant revenues. The activity of the Federal Direct Loan Program and Federal Pell Grant programs is not included in the University’s financial statements, as the benefits of these programs are awarded directly to students and not to the University.
Amounts reported in the accompanying Schedule are presented using the accrual basis of accounting, which is described in Note 1 to the University’s basic financial statements. Related federal financial reports are prepared on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Department of Health and Human Services has approved a maximum provisional indirect cost rate of 34.0%. The University recovers indirect costs at the maximum rate of 34.0% under federal programs that allow full indirect cost reimbursement, and recovers indirect costs at varying rates below 34.0% on other federal programs that do not allow full indirect cost recovery.
Federal financial assistance revenues from the Federal Work Study and the Federal Supplemental Educational Opportunity Grant programs are reported in the University’s financial statements as federal grant revenues. The activity of the Federal Direct Loan Program and Federal Pell Grant programs is not included in the University’s financial statements, as the benefits of these programs are awarded directly to students and not to the University.
Amounts reported in the accompanying Schedule are presented using the accrual basis of accounting, which is described in Note 1 to the University’s basic financial statements. Related federal financial reports are prepared on the cash basis of accounting.
Title: Loan Programs
Accounting Policies: Federal financial assistance revenues from the Federal Work Study and the Federal Supplemental Educational Opportunity Grant programs are reported in the University’s financial statements as federal grant revenues. The activity of the Federal Direct Loan Program and Federal Pell Grant programs is not included in the University’s financial statements, as the benefits of these programs are awarded directly to students and not to the University.
Amounts reported in the accompanying Schedule are presented using the accrual basis of accounting, which is described in Note 1 to the University’s basic financial statements. Related federal financial reports are prepared on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Department of Health and Human Services has approved a maximum provisional indirect cost rate of 34.0%. The University recovers indirect costs at the maximum rate of 34.0% under federal programs that allow full indirect cost reimbursement, and recovers indirect costs at varying rates below 34.0% on other federal programs that do not allow full indirect cost recovery.
The University is responsible for the performance of certain administrative duties with respect to the Federal Direct Loan Program and, accordingly, it is not practical to determine the balance of loans outstanding to students and former students of the University under these programs at June 30, 2023.
The following schedule represents loans advanced by the University for the year ended June 30, 2023:
At June 30, 2023, there was $218,145 outstanding in Federal Perkins Loans.
Title: Indirect Cost Rate
Accounting Policies: Federal financial assistance revenues from the Federal Work Study and the Federal Supplemental Educational Opportunity Grant programs are reported in the University’s financial statements as federal grant revenues. The activity of the Federal Direct Loan Program and Federal Pell Grant programs is not included in the University’s financial statements, as the benefits of these programs are awarded directly to students and not to the University.
Amounts reported in the accompanying Schedule are presented using the accrual basis of accounting, which is described in Note 1 to the University’s basic financial statements. Related federal financial reports are prepared on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Department of Health and Human Services has approved a maximum provisional indirect cost rate of 34.0%. The University recovers indirect costs at the maximum rate of 34.0% under federal programs that allow full indirect cost reimbursement, and recovers indirect costs at varying rates below 34.0% on other federal programs that do not allow full indirect cost recovery.
The Department of Health and Human Services has approved a maximum provisional indirect cost rate of 34.0%. The University recovers indirect costs at the maximum rate of 34.0% under federal programs that allow full indirect cost reimbursement, and recovers indirect costs at varying rates below 34.0% on other federal programs that do not allow full indirect cost recovery.