Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized using the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The University has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Salve Regina University (the “University”) under programs of the federal government for the year ended June 30, 2024. 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. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the University. The University includes loans granted under the Federal Perkins Loans Program, Nursing Student Loans Program and Federal Direct Student Loans Program as expenditures of Federal awards.
Title: Federal Student Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized using the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The University has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal student loan programs listed subsequently are administered directly by the University and balances and transactions relating to these programs are included in the University’s basic consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2024 consists of: SEE FINANCIAL STATEMENTS FOR TABLE. Following expiration of the Federal Perkins Loan Program (the "Program") in a prior year, the University will continue to administer the Program through final liquidation. The University will continue to monitor the Federal share of the University's Federal Perkins Revolving Loan Fund for return upon the Program's final liquidation, in accordance with statutory requirements.