Notes to SEFA
Title: Note 4. Federal Loan Programs
Accounting Policies: Note: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Franciscan University of Steubenville under programs of the federal government for the year ended May 31, 2024. The accompanying notes are an integral part of this Schedule. 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). Because the Schedule presents only a selected portion of the operations of Franciscan University of Steubenville, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Franciscan University of Steubenville.
Note: 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: Franciscan University of Steubenville has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed subsequently are administered directly by Franciscan University of Steubenville, and balances and transactions relating to these programs are included in Franciscan University of Steubenville’s consolidated 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 May 31, 2024, consists of: 84.038 Federal Perkins Loan Program with an outstanding balance of $201,936.
Title: Note 5. Subrecipients
Accounting Policies: Note: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Franciscan University of Steubenville under programs of the federal government for the year ended May 31, 2024. The accompanying notes are an integral part of this Schedule. 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). Because the Schedule presents only a selected portion of the operations of Franciscan University of Steubenville, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Franciscan University of Steubenville.
Note: 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: Franciscan University of Steubenville has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Of the federal expenditures presented in this Schedule, Franciscan University of Steubenville provided no federal awards to subrecipients.