Title: Basis of presentation
Accounting Policies: (a.) The Schedule is prepared from the University’s (Universidad del Sagrado Corazón) accounting records. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be available or may be limited as to reimbursement. (b.)The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. (c.) Expenditures are recognized in the accounting period in which the liability is incurred, if measurable, or when paid, whichever occurs first. (d.) The University has elected not to use the 10-percent de minimis indirect costs rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The supplemental Schedule of Expenditures of Federal Awards (the Schedule) is prepared on the accrual basis of accounting. Amounts presented are total federal expenditures for each program. The information in the Schedule is presented in accordance with the requirements of the 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 its net assets and cash flows of the University. Funds received from Student Financial Assistance programs (principally Pell Grant and Direct Loans) and COVID-19 Higher Education Emergency Relief Fund – Student Aid Portion that are awarded to students are excluded from revenue and expenses in the financial statements of the University.
Title: Assistance listing (AL) number
Accounting Policies: (a.) The Schedule is prepared from the University’s (Universidad del Sagrado Corazón) accounting records. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be available or may be limited as to reimbursement. (b.)The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. (c.) Expenditures are recognized in the accounting period in which the liability is incurred, if measurable, or when paid, whichever occurs first. (d.) The University has elected not to use the 10-percent de minimis indirect costs rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The assistance listing numbers included in the Schedule are determined based on the program name, review of grant contract information and the System for Award Management (SAM).
Title: Major federal programs
Accounting Policies: (a.) The Schedule is prepared from the University’s (Universidad del Sagrado Corazón) accounting records. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be available or may be limited as to reimbursement. (b.)The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. (c.) Expenditures are recognized in the accounting period in which the liability is incurred, if measurable, or when paid, whichever occurs first. (d.) The University has elected not to use the 10-percent de minimis indirect costs rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
Major programs are identified in the Summary of Auditors’ Results Section in the Schedule of Findings and Questioned Costs. Federal programs are presented by federal agency.
Title: Federal Perkins Loan Program
Accounting Policies: (a.) The Schedule is prepared from the University’s (Universidad del Sagrado Corazón) accounting records. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be available or may be limited as to reimbursement. (b.)The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. (c.) Expenditures are recognized in the accounting period in which the liability is incurred, if measurable, or when paid, whichever occurs first. (d.) The University has elected not to use the 10-percent de minimis indirect costs rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
Amounts reported in the Schedule for the Federal Perkins Loan Program represent administrative and collection costs, if any. There were no outstanding loans at June 30, 2024 under the Federal Perkins Loan Program (ALN 84.038). Refer to Note 1 to the financial statements for additional information.
Title: Federal Direct Student Loans Program
Accounting Policies: (a.) The Schedule is prepared from the University’s (Universidad del Sagrado Corazón) accounting records. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be available or may be limited as to reimbursement. (b.)The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. (c.) Expenditures are recognized in the accounting period in which the liability is incurred, if measurable, or when paid, whichever occurs first. (d.) The University has elected not to use the 10-percent de minimis indirect costs rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The University participates in the Federal Direct Student Loan Program (Direct Loans) (ALN 84.268), which includes subsidized and unsubsidized Federal Stafford Loans and Federal PLUS Loans. Under the Direct Loans program, the University is responsible only for certain administrative duties, accordingly, the disbursements under the program and the outstanding loan balance are excluded from the financial statements of the University.
However, Direct Loans are considered a component of the student financial assistance programs of the University, as such, new loans processed during the year ended June 30, 2024 amounting to $8,565,260 were included in the Schedule. Federal expenditures for Direct Loans are determined when loans are made to the students, accordingly, the balance of Direct Loans from previous years is not considered federal expenditures of the current year.
Title: Endowment Grant Programs
Accounting Policies: (a.) The Schedule is prepared from the University’s (Universidad del Sagrado Corazón) accounting records. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be available or may be limited as to reimbursement. (b.)The financial transactions are recorded by the University in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. (c.) Expenditures are recognized in the accounting period in which the liability is incurred, if measurable, or when paid, whichever occurs first. (d.) The University has elected not to use the 10-percent de minimis indirect costs rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The University received in prior years original grants of $250,000, $190,000 and $150,000 from the Higher Education Institutional Aid – Strengthening Institutions Program, the Title III Hispanic-Serving Institutions (HSI) STEM and Articulations Programs and the Title V Developing Hispanic- Serving Institutions (HSI), respectively. The grants require 50% of investment income to be added to the original grants. Restriction on the grants expires as follows: $250,000 grant expires through various dates ranging from 2021 to 2024, $190,000 grant expires through various dates ranging from 2032 to 2034 and $150,000 grant expires through various dates ranging from 2033 to 2034. During the year ended June 30, 2020, the University received an original grant of $150,000 from the 2015 HSI Program Title V Active Learning to Empower Students and Increase Retention and Graduation. Restriction of this grant will expire in the year 2040. Also, during the year ended June 30, 2022, the University received an original grant of $629,037 from the Title V HSI & Articulation Program Culture of Research Achievement at Sagrado (CoRA-Sagrado). Restriction of this grant will expire in 2027. At the time these grants expire, the outstanding balances of these endowment funds are no longer restricted and become part of the University’s net assets without donor restriction. Balance on the remaining funds, including accrued interest and dividends since inception, amounted to $1,819,754 at June 30, 2024. Net investment income on the remaining funds during the year ended June 30, 2024 amounted to $150,508, which represents 100% of the investment income generated by the above-mentioned grants. Investment income (loss), as defined above, includes interest, dividends and realized and unrealized gains/losses in investment securities, net of investment expenses.