Notes to SEFA
Title: 1
Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Drury Univeristy has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
award activity of Drury University under programs of the federal government for the year ended
May 31, 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). Because the Schedule
presents only a selected portion of the operations of Drury University, it is not intended to and does
not present the financial position, changes in net assets, or cash flows of Drury University.
Title: 2
Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Drury Univeristy has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
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. Negative amounts
shown on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Drury University has elected to use the 10 percent
de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3
Accounting Policies: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Drury Univeristy has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal Direct Student Loan balances are not included in Drury University’s financial statements.
Loans disbursed during the year are included in federal expenditures presented in the Schedule. The
Federal Perkins Loan Program listed subsequently is administered directly by Drury University, and
balances and transactions relating to this program are included in the Drury 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. The balance of loans outstanding
at May 31, 2024, consists of: