Title: #2 MAJOR FEDERAL PROGRAMS
Accounting Policies: Purpose: The purpose of the Schedule of Expenditures of Federal Awards (Schedule) is to present a summary of the expenditures of Loyola University of Chicago (LUC) for the year ended June 30, 2022, that have been financed by the federal government. Direct federal programs are presented by the federal government Assistance Listing Number(ALN) and, where applicable, the major subdivision within the agency. Sub grant programs are presented by each pass-through organization that granted federal funds to LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to other organizations. Because the Schedule presents only a selected portion of the transactions of LUC, it is not intended to, and does not, present the financial position, activities or cash flows of LUC. Basis of Accounting The accompanying Schedule has been prepared from LUCs accounting records. LUCs accounting records for federal awards are maintained principally on the modified cash basis except for purchases of capital items, which are recorded as expenditures. All program cash received includes federal and state matching funds if the pass-through agency could not separately identify the federal portion.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The major federal programs administered by LUC during the year ended June 30, 2022 were the Student Financial Assistance cluster and the Higher Education Emergency Relief Fund(HEERF).The Student Financial Assistance cluster is defined by the Uniform Guidance as including those programs of general student assistance, such as those authorized by Title IV of the Higher Education Act of 1965, as amended, which is administered by the U.S. Department of Education, and similar programs provided by other federal agencies. Higher Education Emergency Relief Fund (HEERF) grants through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (HEERF I), the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (CRRSAA) (HEERF II), or the American Rescue Plan (ARP) (HEERF III)(collectively, HEERF grant programs) compliance requirements are developed by the U.S. Department of Education (ED) and Office of Inspector General (OIG)and are also defined in Title 34 of the Code of Federal Regulations (C.F.R.) ? 600.5,receiving Higher Education Emergency Relief Fund (HEERF) grants.
Title: #3 ADMINISTRATIVE COST ALLOWANCE
Accounting Policies: Purpose: The purpose of the Schedule of Expenditures of Federal Awards (Schedule) is to present a summary of the expenditures of Loyola University of Chicago (LUC) for the year ended June 30, 2022, that have been financed by the federal government. Direct federal programs are presented by the federal government Assistance Listing Number(ALN) and, where applicable, the major subdivision within the agency. Sub grant programs are presented by each pass-through organization that granted federal funds to LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to other organizations. Because the Schedule presents only a selected portion of the transactions of LUC, it is not intended to, and does not, present the financial position, activities or cash flows of LUC. Basis of Accounting The accompanying Schedule has been prepared from LUCs accounting records. LUCs accounting records for federal awards are maintained principally on the modified cash basis except for purchases of capital items, which are recorded as expenditures. All program cash received includes federal and state matching funds if the pass-through agency could not separately identify the federal portion.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Included in the major program student financial assistance section of the Schedule is the total amount of expenditures from the administrative cost allowance provided by the Federal Work-Study Program (CFDA #84.033).
Title: #4 NONCASH FEDERAL AWARDS AND FEDERAL INSURANCE
Accounting Policies: Purpose: The purpose of the Schedule of Expenditures of Federal Awards (Schedule) is to present a summary of the expenditures of Loyola University of Chicago (LUC) for the year ended June 30, 2022, that have been financed by the federal government. Direct federal programs are presented by the federal government Assistance Listing Number(ALN) and, where applicable, the major subdivision within the agency. Sub grant programs are presented by each pass-through organization that granted federal funds to LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to other organizations. Because the Schedule presents only a selected portion of the transactions of LUC, it is not intended to, and does not, present the financial position, activities or cash flows of LUC. Basis of Accounting The accompanying Schedule has been prepared from LUCs accounting records. LUCs accounting records for federal awards are maintained principally on the modified cash basis except for purchases of capital items, which are recorded as expenditures. All program cash received includes federal and state matching funds if the pass-through agency could not separately identify the federal portion.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2022, LUC did not expend any non monetary assistance. In addition, LUC did not have any federal insurance in effect during the year ended June 30,2022, to specifically cover federal expenditures.
Title: #5 LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS
Accounting Policies: Purpose: The purpose of the Schedule of Expenditures of Federal Awards (Schedule) is to present a summary of the expenditures of Loyola University of Chicago (LUC) for the year ended June 30, 2022, that have been financed by the federal government. Direct federal programs are presented by the federal government Assistance Listing Number(ALN) and, where applicable, the major subdivision within the agency. Sub grant programs are presented by each pass-through organization that granted federal funds to LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to other organizations. Because the Schedule presents only a selected portion of the transactions of LUC, it is not intended to, and does not, present the financial position, activities or cash flows of LUC. Basis of Accounting The accompanying Schedule has been prepared from LUCs accounting records. LUCs accounting records for federal awards are maintained principally on the modified cash basis except for purchases of capital items, which are recorded as expenditures. All program cash received includes federal and state matching funds if the pass-through agency could not separately identify the federal portion.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS The outstanding balances of those loan programs for which the Federal Government imposes continuing compliance requirements are as follows: Please see the attached AUDIT PDF The amount of loans outstanding at the beginning of the year and loans made during the year for these programs are included in the federal expenditures presented in the Schedule.
Title: #6 FEDERAL AWARD THRESHOLD
Accounting Policies: Purpose: The purpose of the Schedule of Expenditures of Federal Awards (Schedule) is to present a summary of the expenditures of Loyola University of Chicago (LUC) for the year ended June 30, 2022, that have been financed by the federal government. Direct federal programs are presented by the federal government Assistance Listing Number(ALN) and, where applicable, the major subdivision within the agency. Sub grant programs are presented by each pass-through organization that granted federal funds to LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to other organizations. Because the Schedule presents only a selected portion of the transactions of LUC, it is not intended to, and does not, present the financial position, activities or cash flows of LUC. Basis of Accounting The accompanying Schedule has been prepared from LUCs accounting records. LUCs accounting records for federal awards are maintained principally on the modified cash basis except for purchases of capital items, which are recorded as expenditures. All program cash received includes federal and state matching funds if the pass-through agency could not separately identify the federal portion.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal expenditure dollar threshold used to distinguish between Type A and Type B programs for fiscal year 2022 was $1,826,809.
Title: #7 FINDINGS
Accounting Policies: Purpose: The purpose of the Schedule of Expenditures of Federal Awards (Schedule) is to present a summary of the expenditures of Loyola University of Chicago (LUC) for the year ended June 30, 2022, that have been financed by the federal government. Direct federal programs are presented by the federal government Assistance Listing Number(ALN) and, where applicable, the major subdivision within the agency. Sub grant programs are presented by each pass-through organization that granted federal funds to LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to other organizations. Because the Schedule presents only a selected portion of the transactions of LUC, it is not intended to, and does not, present the financial position, activities or cash flows of LUC. Basis of Accounting The accompanying Schedule has been prepared from LUCs accounting records. LUCs accounting records for federal awards are maintained principally on the modified cash basis except for purchases of capital items, which are recorded as expenditures. All program cash received includes federal and state matching funds if the pass-through agency could not separately identify the federal portion.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no current-year or prior-year financial statement or federal award findings required to be reported in accordance with the Uniform Guidance.