Title: DIRECT LOAN PROGRAMS
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects (the Schedule) presents the activities of Saint Leo University, Inc. (the University) for the year ended June 30, 2024, which have been funded by the U.S. government and the State of Florida. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position or changes in net assets of the University. The Schedule is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. The information in the 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 (the Uniform Guidance), and Chapter 215.97, Florida Statutes. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% deminimus indirect cost rate as outlined in the Uniform Guidance.
The University is responsible only for the performance of certain administrative duties with respect to its Federal Direct Student Loan Program, and, accordingly, these loans are not included in its financial statements. The University is not required to maintain the balance of the loans outstanding from students and former students of the University under these programs. Such balances are maintained and administered by the lenders and guarantors of
these loans. Disbursements for these loans during the year ended June 30, 2024 consist of Federal Direct Subsidized Loans of $8,868,593, Federal Direct Unsubsidized Loans of $32,464,981, Federal Direct Parent PLUS Loans of $3,036,052 and Federal Direct Grad PLUS Loans of $4,104,855. The cumulative amount of total loans guaranteed and outstanding as of June 30, 2024, is undeterminable.
Title: MATCHING
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects (the Schedule) presents the activities of Saint Leo University, Inc. (the University) for the year ended June 30, 2024, which have been funded by the U.S. government and the State of Florida. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position or changes in net assets of the University. The Schedule is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. The information in the 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 (the Uniform Guidance), and Chapter 215.97, Florida Statutes. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% deminimus indirect cost rate as outlined in the Uniform Guidance.
Schools participating in the Federal Work Study Program and Federal Supplemental Educational Opportunity Grant Program normally are required to provide an institutional share under the program. However, the University qualified for, and was granted, a waiver
of the institutional share requirements associated with both federal programs under 34 CFR 675.26(d) of the Federal Work Study regulation and under Title III or Title V of the Higher Education Act of 1965, as amended.
Title: ADMINISTRATIVE COST ALLOWANCE
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects (the Schedule) presents the activities of Saint Leo University, Inc. (the University) for the year ended June 30, 2024, which have been funded by the U.S. government and the State of Florida. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position or changes in net assets of the University. The Schedule is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. The information in the 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 (the Uniform Guidance), and Chapter 215.97, Florida Statutes. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% deminimus indirect cost rate as outlined in the Uniform Guidance.
The University claimed an administrative cost allowance of $14,650 for the year ended June 30, 2024. This amount is included in the accompanying Schedule as federal expenditures under the Federal Pell Grant.
Title: CONTINGENCIES AND OTHER MATTERS
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects (the Schedule) presents the activities of Saint Leo University, Inc. (the University) for the year ended June 30, 2024, which have been funded by the U.S. government and the State of Florida. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position or changes in net assets of the University. The Schedule is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. The information in the 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 (the Uniform Guidance), and Chapter 215.97, Florida Statutes. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% deminimus indirect cost rate as outlined in the Uniform Guidance.
Grant monies received and disbursed by the University are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. If any expenditures are disallowed by the
grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the University. The University does not believe that such disallowances, if any, would have a material effect on the financial position of the University. As of June 30, 2024, management is not aware of any material questioned or disallowed costs as a result of grant audits in process or completed.
Title: STUDENT FINANCIAL AID INSTITUTIONAL AND PROGRAM ELIGIBILITY METRICS
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects (the Schedule) presents the activities of Saint Leo University, Inc. (the University) for the year ended June 30, 2024, which have been funded by the U.S. government and the State of Florida. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position or changes in net assets of the University. The Schedule is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. The information in the 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 (the Uniform Guidance), and Chapter 215.97, Florida Statutes. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% deminimus indirect cost rate as outlined in the Uniform Guidance.
The Institution is in compliance with the following institutional and program eligibility requirements under the Higher Education Act of 1965 and Federal regulations under 34 CFR 668.23:
• Correspondence courses the institution offers under 34 CFR 600.7(b) and (g)
• Regular students that enroll in correspondence courses under 34 CFR 600.7(b)
and (g)
• Institution’s regular students that are incarcerated under 34 CFR 600.7(c) and (g)
• Completion rates for confined or incarcerated individuals enrolled in non-degree
programs at nonprofit institutions under 34 CFR 600.7(c)(3)(ii) and (g)
• Institution’s regular students that lack a high school diploma or its equivalent under 34
CFR 600.7(d) and (g)
• Completion rates for short-term programs under 34 CFR 668.8(f) and (g)
• Placement rates for short-term programs under https://www.ecfr.gov/current/title-
34/subtitle-B/chapter-VI/part-668/subpart-A/section-668.8 34 CFR 668.8(e)(2)