Title: General
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal financial assistance programs of Frontier Nursing University, Inc (the University). The University’s reporting entity is defined in Note 1 to its consolidated financial statements. All federal financial assistance was received directly from federal agencies. The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients.
The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the University. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
Title: Federal Direct Student Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate.
For the year ended April 30, 2024, the University processed $47,098,008 of new loans under the Federal Direct Student Loans Program (Assistance Listing (AL) No. 84.268) (which includes unsubsidized and Parents' Loans for Graduate Students).
The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program, and accordingly, it is not practical to determine the balance of loans outstanding to students and former students of the University under the program at April 30, 2024.
Title: Nurse Faculty Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate.
The University administers the Nursing Faculty Loan Program (NFLP). Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Current year loan expenditures and disbursements are $196,180. The balance of loans outstanding at April 30, 2024, consists of: Federal Assistance Listing Number, 93.264; Program Name, Nursing Faculty Loan Program; Outstanding Balance as of April 30, 2024, $968,811