Title: Note 1 - Basis of Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowaed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Saint Augustine's University (the "University"), under programs of the federal government for the year ended June 30, 2022. 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 ("Uniform Guidance"). Bevause 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. All of the University's federal awards were in the form of cash assistance and no federal funds were disbursed to subrecipients during the year ended June 30, 2022.
Title: Note 2- Summary of Significant Accounting Policies
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowaed under the Uniform Guidance.
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 reimbursment.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowaed under the Uniform Guidance.
The University has elected not to use the 10-percent de minimis indirect cost rate alloward under the Uniform Guidance.
Title: Note 4- Federal Direct Student Loans
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowaed under 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 the University's financial statements. It is not practicable to determine the balance of loans outstanding from current and former students of the University under these progams as of June 30, 2022. Loan advances during the fiscal year ended June 30, 2022 have been reflected in the Schedule.
Title: Note 5- Federal Perkins Loan Program
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowaed under the Uniform Guidance.
The Federal Perkins Loan Program (the "FPL Program") is partially administered by a third-party service provider and balances and transactions relating to the program are included in the University's financial statements. The balance of loans outstanding under the FPL Program (ALN 84.038) was $-0- as of June 30, 2022. The federal government has terminated this program and now new loans may be warded to students. the Univerisity continues to service the loan portfolio and rmeit collection to the federal government.
Title: Note 6- State Awards
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowaed under the Uniform Guidance.
During the year ended June 30, 2022, the University awarded $2,794,816 in North Carolina Need Based Scholarships, which is funding received from the State of North Carolina. Such funds were considered direct and material to the University.
Title: Note 7- Contingency
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowaed under the Uniform Guidance.
The grant amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies because of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the University. In the opinion of management, and except for certain findings presented in the accompanying schedule of findings and questioned costs, all grant expenditures are in compliance with the terms of the grant agreemetns and applicable federal laws and regulations.