Title: FEDERAL STUDENT FINANCIAL ASSISTANCE
Accounting Policies: 1. BASIS OF PRESENTATION: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") summarizes the expenditures of the University of Notre Dame du Lac (the "University") under programs of the federal government for the year ended June 30, 2022. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with the Office of Management and Budget (OMB) 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only the federal award activity of the University, it is not intended to and does not present the financial position, changes in net assets, functional expenses or cash flows of the University. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the federal government and all sub-awards to the University by non-federal organizations pursuant to federal grants, contracts and similar agreements. For purposes of the Schedule, agencies that provided less than $300,000 of federal awards expended by the University for research and development are included in the Research & Development cluster under the heading "Research & Development Programs from Other Federal Agencies. These agencies include: the Central Intelligence Agency, the Department of Homeland Security, the Department of Housing and Urban Development, the Department of the Interior, the Department of Transportation, the Department of Veterans Affairs, the Environmental Protection Agency, and the Office of the Director of National Intelligence.Negative numbers in the Schedule represent adjustments to amounts reported in prior years in the normal course of business.
De Minimis Rate Used: N
Rate Explanation: The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance.
CAMPUS BASED LOAN PROGRAM: The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to this program are included in the University's consolidated financial statements. The amount of Federal Perkins loans outstanding at June 30, 2022 totaled $4,749,107. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. For the year ended June 30, 2022, no new loans were issued, nor was there any administrative cost allowance recovered from the Perkins Loan Program.
Title: RECONCILIATION TO UNIVERSITY FINANCIAL STATEMENTS
Accounting Policies: 1. BASIS OF PRESENTATION: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") summarizes the expenditures of the University of Notre Dame du Lac (the "University") under programs of the federal government for the year ended June 30, 2022. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with the Office of Management and Budget (OMB) 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only the federal award activity of the University, it is not intended to and does not present the financial position, changes in net assets, functional expenses or cash flows of the University. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the federal government and all sub-awards to the University by non-federal organizations pursuant to federal grants, contracts and similar agreements. For purposes of the Schedule, agencies that provided less than $300,000 of federal awards expended by the University for research and development are included in the Research & Development cluster under the heading "Research & Development Programs from Other Federal Agencies. These agencies include: the Central Intelligence Agency, the Department of Homeland Security, the Department of Housing and Urban Development, the Department of the Interior, the Department of Transportation, the Department of Veterans Affairs, the Environmental Protection Agency, and the Office of the Director of National Intelligence.Negative numbers in the Schedule represent adjustments to amounts reported in prior years in the normal course of business.
De Minimis Rate Used: N
Rate Explanation: The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance.
Expenditures of federal awards per the Schedule are reconciled to grants and contracts revenues as reflected in the Universitys audited consolidated financial statements as follows (in thousands): Total per Schedule of Expenditures of Federal Awards: $194,934; Plus expenditure of awards from: State agencies: 650; Private organizations: 52,033; Federal awards not subject to OMB Circulars:2,643; Less: Agency transactions not reflected in audited financial statements-1: (5,617); Perkins Student Loan outstanding: (7,876); Direct Student Loan expenditures: (51,228); Grants and contracts per the Consolidated Statement of Changes in Net Assets: $185,539. 1-Represents expenditures of federal awards, primarily for Pell grants, that are treated as agency or pass-through transactions for financial statement purposes and are thus excluded from activity reflected in the Consolidated Statement of Changes in Net Assets.