Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (Schedule) includes the activity of Mount Saint Mary College (the "College") for the year ended June 30, 2024 and 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The College has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE 2 – LOANS OUTSTANDING
As of June 30, 2024, the College had $207,679 in loans receivable from participating students related to the Federal Perkins Loan Program. There were no disbursements for the year ended June 30, 2024.
The College also participates in the Federal Direct Student Loans Program, including Federal PLUS Loans (PLUS). The dollar amounts are listed in the Schedule although the College is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. New loans processed during the year ended June 30, were as follows:
NOTE 3 – NURSING STUDENT LOAN PROGRAM (NSLP)
In 2024, the College did not award any new loans under the Nursing Student Loan Program. The outstanding balance of loans under the Nursing Student Loan Program was $50,992 at June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (Schedule) includes the activity of Mount Saint Mary College (the "College") for the year ended June 30, 2024 and 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The College has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 2 – LOANS OUTSTANDING
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (Schedule) includes the activity of Mount Saint Mary College (the "College") for the year ended June 30, 2024 and 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The College has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE 2 – LOANS OUTSTANDING
As of June 30, 2024, the College had $207,679 in loans receivable from participating students related to the Federal Perkins Loan Program. There were no disbursements for the year ended June 30, 2024.
The College also participates in the Federal Direct Student Loans Program, including Federal PLUS Loans (PLUS). The dollar amounts are listed in the Schedule although the College is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. New loans processed during the year ended June 30, were as follows:
NOTE 3 – NURSING STUDENT LOAN PROGRAM (NSLP)
In 2024, the College did not award any new loans under the Nursing Student Loan Program. The outstanding balance of loans under the Nursing Student Loan Program was $50,992 at June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: N/A
As of June 30, 2024, the College had $207,679 in loans receivable from participating students related to the Federal Perkins Loan Program. There were no disbursements for the year ended June 30, 2024.
The College also participates in the Federal Direct Student Loans Program, including Federal PLUS Loans (PLUS). The dollar amounts are listed in the Schedule although the College is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. New loans processed during the year ended June 30, were as follows:
Federal Direct Student Loan Program
Subsidized $ 2,890,913
Unsubsidized 4,804,713
PLUS 3,850,337
Total $ 11,545,963
Title: NOTE 3 – NURSING STUDENT LOAN PROGRAM (NSLP)
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (Schedule) includes the activity of Mount Saint Mary College (the "College") for the year ended June 30, 2024 and 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The College has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE 2 – LOANS OUTSTANDING
As of June 30, 2024, the College had $207,679 in loans receivable from participating students related to the Federal Perkins Loan Program. There were no disbursements for the year ended June 30, 2024.
The College also participates in the Federal Direct Student Loans Program, including Federal PLUS Loans (PLUS). The dollar amounts are listed in the Schedule although the College is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. New loans processed during the year ended June 30, were as follows:
NOTE 3 – NURSING STUDENT LOAN PROGRAM (NSLP)
In 2024, the College did not award any new loans under the Nursing Student Loan Program. The outstanding balance of loans under the Nursing Student Loan Program was $50,992 at June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: N/A
In 2024, the College did not award any new loans under the Nursing Student Loan Program. The outstanding balance of loans under the Nursing Student Loan Program was $50,992 at June 30, 2024.