Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Marian University (University) under programs of the federal government for the year ended June 30, 2024. The accompanying notes are an integral part of this Schedule. The information is this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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 or cash flows of the University. 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Marian University provided no federal awards to subrecipients.
Title: Federal Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Marian University (University) under programs of the federal government for the year ended June 30, 2024. The accompanying notes are an integral part of this Schedule. The information is this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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 or cash flows of the University. 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The University also participates in the Federal Direct Loan Program. The dollar amounts are listed in the schedule of federal awards although the University isnot the recipient of the funds. Such programs are
considered a component of the student financial assistance cluster. New loans processed for students during the year ended June 30, 2024 were as follows: 84.268 Subsidized $5,451,211; 84.268 Unsubsidized $31,292,833; 84.268 PLUS $3,597,886; and 84.268 Grad PLUS $19,485,484.
Title: Federal Perkins Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Marian University (University) under programs of the federal government for the year ended June 30, 2024. The accompanying notes are an integral part of this Schedule. The information is this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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 or cash flows of the University. 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The Federal Perkins Loan Program (Assistance Listing Number 84.038) is administered directly by the University, and balances and transactions relating to these programs are included in the University’s basic financial
statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2024 totaled
$119,028.