Title: Note A - Basis of Presentation and Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards and state awards (the “Schedule”) includes the federal and state grant activity of Ave Maria University, Inc. and Subsidiaries (the “University”) under programs of the federal government and the State of Florida for the year ended June 30, 2024. Expenditures reported on the Schedule are reported on the accrual basis of accounting, although the basis for determining when federal and state awards are expended 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), Section 215.97, Florida Statutes, and Chapter 10.650, Rules of the Florida Auditor General. In addition, expenditures reported on the Schedule are recognized following the cost principles contained in the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. 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, if applicable, of the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards and state awards (the “Schedule”) includes the federal and state grant activity of Ave Maria University, Inc. and Subsidiaries (the “University”) under programs of the federal government and the State of Florida for the year ended June 30, 2024. Expenditures reported on the Schedule are reported on the accrual basis of accounting, although the basis for determining when federal and state awards are expended 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), Section 215.97, Florida Statutes, and Chapter 10.650, Rules of the Florida Auditor General. In addition, expenditures reported on the Schedule are recognized following the cost principles contained in the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. 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, if applicable, of the University.
Title: Note B - 10-Percent De Minimis Election
Accounting Policies: The accompanying schedule of expenditures of federal awards and state awards (the “Schedule”) includes the federal and state grant activity of Ave Maria University, Inc. and Subsidiaries (the “University”) under programs of the federal government and the State of Florida for the year ended June 30, 2024. Expenditures reported on the Schedule are reported on the accrual basis of accounting, although the basis for determining when federal and state awards are expended 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), Section 215.97, Florida Statutes, and Chapter 10.650, Rules of the Florida Auditor General. In addition, expenditures reported on the Schedule are recognized following the cost principles contained in the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. 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, if applicable, of the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Ave Maria University has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.