Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Expenditures on the SEFA are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: St. Mary’s University uses the indirect cost rate that was negotiated with DHHS, which is 35% of modified total direct costs, unless the funding agency has statutory requirements that differ, then St. Mary's University uses that rate.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of St. Mary’s University under programs of the federal government for the year ended May 31, 2024. The information in the SEFA is presented in accordance with the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: 3. Federal Perkins Loan Program – Federal Capital Contributions
Accounting Policies: Expenditures on the SEFA are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: St. Mary’s University uses the indirect cost rate that was negotiated with DHHS, which is 35% of modified total direct costs, unless the funding agency has statutory requirements that differ, then St. Mary's University uses that rate.
St. Mary’s University administers the Federal Perkins Loan Program Federal Capital Contributions (Assistance Listing No. 84.038). The outstanding loan balance of $1,755,280 at June 1, 2023 and the loans made for the fiscal year ended May 31, 2024 of $0 are considered current year federal expenditures and are included in the SEFA. The total Perkins loans receivable at May 31, 2024 is $1,238,356.
Title: 4. Federal Direct Student Loans Program
Accounting Policies: Expenditures on the SEFA are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: St. Mary’s University uses the indirect cost rate that was negotiated with DHHS, which is 35% of modified total direct costs, unless the funding agency has statutory requirements that differ, then St. Mary's University uses that rate.
St. Mary’s University participates in the Federal Direct Student Loans Program (Assistance Listing No. 84.268), whereby St. Mary’s University requests cash from the U.S. Department of Education for funds disbursed to students. The new loans made in the fiscal year ended May 31, 2024 are reported in the SEFA.