Notes to SEFA
Title: FEDERAL PERKINS LOAN PROGRAM (FEDERAL ASSISTANCE LISTING #84.038)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Immaculata University (the University) under programs of the federal government for the year ended June 30, 2024. 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, and cash flows of the University. 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 the Schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements. For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies or departments of the federal government, and all subawards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. BASIS OF ACCOUNTING: Expenditures reported on the Schedule are reported using 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 to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The University administers and accounts for all aspects of the Federal Perkins Loan Program under its direct student programs. Therefore, the University’s consolidated financial statements include the Federal Perkins Loan Program’s net assets and transactions. The balance of loans outstanding under the Federal Perkins Loan Program is $79,912 as of June 30, 2024. The University did not disburse Federal Perkins Loans for the year ended June 30, 2024. There were no administrative costs claimed for the Federal Perkins Loan Program for the year ended June 30, 2024.