Title: 1. BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grants, contracts and similar agreements entered into directly between Tuskegee University (the University) and agencies and departments of the federal government, federal appropriations to land grant universities and all sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The information in 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. Expenditures in 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. If the University is required to match certain federal assistance, as defined by the grant agreements, no such matching has been included as expenditures in the Schedule. 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.
De Minimis Rate Used: N
Rate Explanation: The Perkins Loan Program and the Health Professions Student Loan (HPSL) and Nursing Student Loan (NSL) Programs are administered directly by the University and balances and transactions relating to these programs are included in the University’s basic financial statements.
The balances of loans outstanding at June 30, 2023, and funds advanced by the University to eligible students during the year ended June 30, 2023, under the federal student loan programs are summarized below:
See the Notes to the SEFA for chart/table
Federal Direct Student Loans (FSL) (ALN No. 84.268) – The FDL program enables an eligible student or parent to obtain a federal loan to pay for the student’s cost of attendance directly through the University rather than through private lenders. As a University qualified to originate loans, the University is responsible for handling the complete loan process, including funds management as well as the promissory note function. The University is not responsible for the collection of these loans and these loans are not included in the University's financial statements. It is not practicable to determine the balance of loans outstanding under the FDL program to current and former students and parents at June 30, 2023. Current year loan advances are reflected on the schedule of expenditures of federal awards.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grants, contracts and similar agreements entered into directly between Tuskegee University (the University) and agencies and departments of the federal government, federal appropriations to land grant universities and all sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The information in 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. Expenditures in 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. If the University is required to match certain federal assistance, as defined by the grant agreements, no such matching has been included as expenditures in the Schedule. 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: 2. INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grants, contracts and similar agreements entered into directly between Tuskegee University (the University) and agencies and departments of the federal government, federal appropriations to land grant universities and all sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The information in 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. Expenditures in 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. If the University is required to match certain federal assistance, as defined by the grant agreements, no such matching has been included as expenditures in the Schedule. 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.
De Minimis Rate Used: N
Rate Explanation: The Perkins Loan Program and the Health Professions Student Loan (HPSL) and Nursing Student Loan (NSL) Programs are administered directly by the University and balances and transactions relating to these programs are included in the University’s basic financial statements.
The balances of loans outstanding at June 30, 2023, and funds advanced by the University to eligible students during the year ended June 30, 2023, under the federal student loan programs are summarized below:
See the Notes to the SEFA for chart/table
Federal Direct Student Loans (FSL) (ALN No. 84.268) – The FDL program enables an eligible student or parent to obtain a federal loan to pay for the student’s cost of attendance directly through the University rather than through private lenders. As a University qualified to originate loans, the University is responsible for handling the complete loan process, including funds management as well as the promissory note function. The University is not responsible for the collection of these loans and these loans are not included in the University's financial statements. It is not practicable to determine the balance of loans outstanding under the FDL program to current and former students and parents at June 30, 2023. Current year loan advances are reflected on the schedule of expenditures of federal awards.
The University has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Title: 3. FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grants, contracts and similar agreements entered into directly between Tuskegee University (the University) and agencies and departments of the federal government, federal appropriations to land grant universities and all sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The information in 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. Expenditures in 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. If the University is required to match certain federal assistance, as defined by the grant agreements, no such matching has been included as expenditures in the Schedule. 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.
De Minimis Rate Used: N
Rate Explanation: The Perkins Loan Program and the Health Professions Student Loan (HPSL) and Nursing Student Loan (NSL) Programs are administered directly by the University and balances and transactions relating to these programs are included in the University’s basic financial statements.
The balances of loans outstanding at June 30, 2023, and funds advanced by the University to eligible students during the year ended June 30, 2023, under the federal student loan programs are summarized below:
See the Notes to the SEFA for chart/table
Federal Direct Student Loans (FSL) (ALN No. 84.268) – The FDL program enables an eligible student or parent to obtain a federal loan to pay for the student’s cost of attendance directly through the University rather than through private lenders. As a University qualified to originate loans, the University is responsible for handling the complete loan process, including funds management as well as the promissory note function. The University is not responsible for the collection of these loans and these loans are not included in the University's financial statements. It is not practicable to determine the balance of loans outstanding under the FDL program to current and former students and parents at June 30, 2023. Current year loan advances are reflected on the schedule of expenditures of federal awards.
The Perkins Loan Program and the Health Professions Student Loan (HPSL) and Nursing Student Loan (NSL) Programs are administered directly by the University and balances and transactions relating to these programs are included in the University’s basic financial statements.
The balances of loans outstanding at June 30, 2023, and funds advanced by the University to eligible students during the year ended June 30, 2023, under the federal student loan programs are summarized below:
See the Notes to the SEFA for chart/table
Federal Direct Student Loans (FSL) (ALN No. 84.268) – The FDL program enables an eligible student or parent to obtain a federal loan to pay for the student’s cost of attendance directly through the University rather than through private lenders. As a University qualified to originate loans, the University is responsible for handling the complete loan process, including funds management as well as the promissory note function. The University is not responsible for the collection of these loans and these loans are not included in the University's financial statements. It is not practicable to determine the balance of loans outstanding under the FDL program to current and former students and parents at June 30, 2023. Current year loan advances are reflected on the schedule of expenditures of federal awards.