Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying consolidated schedule of expenditures of federal and state awards (the schedule) includes the federal and state grant activity of University of Mary Hardin-Baylor (the University). The federal information in 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 (the 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.
Title: Federal Student Loan Program
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal student loan program listed subsequently is administered directly by the University and balances and transactions relating to this program are included in the University's consolidated financial statements. The balance of loans outstanding at May 31, 2024 consists of: "See the Notes to the SEFA for chart/table." During September 2015, the Federal government allowed the Perkins Loan Program to expire. The Department of Education (the Department) has published guidance on the wind-down of the Perkins Loans. Associated with this wind-down, the University will be required to return the Department of Education’s share of the University’s Perkins Loans, assign the Perkins Loans to the Department of Education, or liquidate the Perkins Loans. Currently, the University is in the process of complying with the Department's instructions to assign all Perkins Loans in default to the Department.
Federal law no longer allows new loans under the Perkins Loan Program.
Title: State Awards
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The state awards included in the accompanying consolidated schedule of expenditures of federal and state awards are presented for informational purposes only and are not subject to requirements of the state of Texas Single Audit Circular, as colleges and universities are excluded per the Texas Uniform Grant and Contract Management Act; section 783.003(4).