Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. As a result of these principles, some expenditures presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 99597. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 5363596. COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 19200000. DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 150000.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. As a result of these principles, some expenditures presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Quincy University under programs of the federal government for the year ended May 31, 2022. 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).
Title: NONMONETARY ASSISTANCE
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. As a result of these principles, some expenditures presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The University did not receive any federal noncash assistance and had no federal insurance in effect during the year ended May 31, 2022.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. As a result of these principles, some expenditures presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Quincy University did not disburse any federal funds to subrecipients during the year ended May 31, 2022.