Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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, therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 4893163. FEDERAL PERKINS LOANS (84.038) - Balances outstanding at the end of the audit period were 729089.
Title: General
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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, therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of Transylvania University (the University).The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the University. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations. The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients.
Title: Federal Supplemental Educational Opportunity Grants
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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, therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers a Federal Supplemental Educational Opportunity Grants Program (CFDA No. 84.007) funded by the U.S. Department of Education. Total federal disbursements under the program for the year ended June 30, 2021, are as follows: Student grants - Institutional amount, $31,987; Federal amount, $97,388; Total amount, $129,375. Administrative cost allowance - Institutional amount, $0; Federal amount, $403; Total amount, $403. Overall - Institutional amount, $31,987; Federal amount, $97,791; Total amount, $129,778.
Title: Federal Direct Student Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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, therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the year ended June 30, 2021, the University processed approximately $4,890,000 (net of loan and origination fees) of new loans under the Federal Direct Student Loans Program (AL No. 84.268) (which includes subsidized, unsubsidized, and Parents' Loans for Undergraduate Students). The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program. Accordingly, it is not practical to determine the balance of loans outstanding to students and former students of the University under the program at June 30, 2022.
Title: Federal Work-Study Program
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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, therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers a Federal Work-Study Program (AL No. 84.033) funded by the U.S. Department of Education. Total disbursements under the program, including the non-federal institutional share amount the University was not obligated to provide, for the year ended June 30, 2022 are as follows: Earned compensation - Institution amount, $142,134; Federal amount, $139,483; Total - $281,617.
Title: Federal Perkins Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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, therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers a Federal Perkins Loans Program (AL No. 84.038) funded by the U.S. Department of Education. Student loans receivable under the program at June 30, 2021 were $884,968. Total cash on hand for Perkins Program at June 30, 2022 was approximately $160,000. Total amount considered federal expenditures for the year ended June 30, 2022 are as follows: Current advances to students, $0; Student loans receivable July 1, 2021, $884,968; Administrative cost allowance, $0; Total, $884,968.
Title: Federal Pell Grant Program
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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, therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers a Federal Pell Grant Program (AL No. 84.063) funded by the U.S. Department of Education. Total disbursements under the program for the year June 30, 2022 are as follows: Student grants, $1,139,700; Administrative cost allowance, $1,270; Total, $1,140,970.