Notes to SEFA
Title: Not 4: Federal Loan Program
Accounting Policies: Note: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Lewis 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 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 Lewis University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lewis University.
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: Lewis University has elected not to use the 10% de minimis indirect cost rate allowed under the UniformGuidance.
The Federal Perkins Loan Program and Nursing Student Loans are administered directly by Lewis University, and balances and transactions relating to the programs are included in Lewis 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. Perkins was liquidated during the year ended June 30, 2024. Nursing Student Loans (Federal Assistance Listing Number 93.264) has a loan balance of $74,395 at June 30, 2024.
Title: Note 5: Subrecipients
Accounting Policies: Note: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Lewis 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 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 Lewis University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lewis University.
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: Lewis University has elected not to use the 10% de minimis indirect cost rate allowed under the UniformGuidance.
There were no subrecipients during the year ended June 30, 2024.