Notes to SEFA
Title: Federal Loan Program - Federal student loans processed during the fiscal year ended June 30, 2024.
Accounting Policies: The accompanying schedule of federal awards and state projects (the “Schedule”) includes the federal award and state project activity of Barry University, Inc. (the “University”) under programs of the federal government and State of Florida for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”), and Chapter 10.650, Rules of the Florida Auditor General.
Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University.
The reimbursement of indirect costs reflected in the accompanying financial statements as federal and state grant revenue is subject to final approval by federal and state grantors and could be adjusted upon the results of these reviews. Management believes that the results of any such adjustment will not be material to the University’s financial position or change in net assets.
De Minimis Rate Used: N
Rate Explanation: 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 and Chapter 10.650, Rules of the Florida Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years. The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal Direct Loans (84.268)-Loans made during the fiscal year 2024 were $130,281,593. Nurse Faculty Loan Program (NFLP) (93.264)- Balance outstanding at the end of the audit period were $6,443,584.