Title: Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state grant activity of Nova Southeastern University, Inc. (the University) for the year ended June 30, 2024. 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) and Chapter 10.650, Rules of the Auditor General of the State of Florida. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated 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 for federal awards issued through December 25, 2014, are recognized following cost principles contained in OMB Circular A-21, Cost Principles for Education Institutions. Expenditures for federal awards and funding increments issued on December 26, 2014, or later are recognized following the cost principles contained in 2 CFR Chapter I and Chapter II Parts 200, 215, 220, 225, and 230, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2024, the University administered new loans related to the various federal loan programs which are reported in the Schedule. As there are continuing compliance requirements with respect to the following loan programs, loans outstanding at the beginning of the year and new loans made during the year are included in the Schedule. Outstanding balances at June 30, 2024 are summarized as follows: Federal Perkins Loan Program (ALN 84.038) 1,108,761, Nurse Faculty Loan Program(ALN 93.264) 1,590,031, Health Professions Student Loan Program (ALN 93.342) 738,811.During the year ended June 30, 2024, the University processed new loans under the Federal Direct Student Loans Program (ALN number 84.268) of $641,664,641 as reported in the Schedule. Only new loans made during the fiscal year are reported as federal awards expended.
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state grant activity of Nova Southeastern University, Inc. (the University) for the year ended June 30, 2024. 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) and Chapter 10.650, Rules of the Auditor General of the State of Florida. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated 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 for federal awards issued through December 25, 2014, are recognized following cost principles contained in OMB Circular A-21, Cost Principles for Education Institutions. Expenditures for federal awards and funding increments issued on December 26, 2014, or later are recognized following the cost principles contained in 2 CFR Chapter I and Chapter II Parts 200, 215, 220, 225, and 230, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University did not elect to use the 10% de minimis cost rate to calculate the University’s indirect (F&A) costs.
Title: Contingency
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state grant activity of Nova Southeastern University, Inc. (the University) for the year ended June 30, 2024. 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) and Chapter 10.650, Rules of the Auditor General of the State of Florida. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated 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 for federal awards issued through December 25, 2014, are recognized following cost principles contained in OMB Circular A-21, Cost Principles for Education Institutions. Expenditures for federal awards and funding increments issued on December 26, 2014, or later are recognized following the cost principles contained in 2 CFR Chapter I and Chapter II Parts 200, 215, 220, 225, and 230, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the University. In the opinion of management, grant expenditures are in compliance in all material respects with the terms of the respective grant agreements and applicable federal and state laws and regulations.
Subsequent to June 30, 2024, the University identified a potential concern pertaining to compliance with a federal student financial assistance regulation and commended a review which is ongoing and not yet complete. Consistent with the University’s commitment to regulatory compliance and close cooperation with oversight agencies, the University voluntarily notified the United States Department of Education on October 16, 2024 of the concern while the University’s review is ongoing. The University cannot reasonably estimate at this time the likelihood or extent of any potential adverse financial impact that could result from this matter.
Title: Florida Specialty License Plate
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state grant activity of Nova Southeastern University, Inc. (the University) for the year ended June 30, 2024. 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) and Chapter 10.650, Rules of the Auditor General of the State of Florida. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated 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 for federal awards issued through December 25, 2014, are recognized following cost principles contained in OMB Circular A-21, Cost Principles for Education Institutions. Expenditures for federal awards and funding increments issued on December 26, 2014, or later are recognized following the cost principles contained in 2 CFR Chapter I and Chapter II Parts 200, 215, 220, 225, and 230, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The June 30, 2024, Florida specialty license fee endowment fund balance totaled $1,696,189.