Title: NOTE 2 - DIRECT LOAN PROGRAM AND NEW JERSEY COLLEGE LOANS TO ASSIST STATE
STUDENTS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). The accompanying Schedule of Expenditures of State of New Jersey Awards has been prepared in accordance with the requirements of the State of New Jersey Department of Treasury Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. The purpose of these schedules is to present the respective expenditures of Federal and State programs, under the accrual basis of accounting, of Stockton University (the “University”) for the year ended June 30, 2024. For purposes of the respective schedules, Federal and State of New Jersey awards include any assistance provided by a Federal or State agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations, loan and loan guarantees, and other noncash assistance. Because the schedules present only a selected portion of the activities of the University, they are not intended to, and do not, present either the net position of the University at June 30, 2024 or its changes in net position and cash flows for the year then ended. Accordingly, some amounts presented in the respective schedules may differ from amounts presented in, or used in the preparation of, the University’s June 30, 2024 financial statements.
De Minimis Rate Used: N
Rate Explanation: NOTE 5 - INDIRECT COSTS The University utilizes a negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate, as provided by §200.414 Indirect Cost (F&A) of the Uniform Guidance.
Loans made by the University to eligible students under the State of New Jersey College Loans to Assist State Students Program and the Federal Direct Loan Program during the year ended June 30, 2024 were as follows: Federal Direct Student Loans $46,865,586
New Jersey College Loans to Assist State Students $2,601,349
The University is responsible only for the performance of certain administrative duties with respect to the Direct Loan Program and the New Jersey College Loans to Assist State Students Program and has no responsibility to collect these loans. Accordingly, these loans are not included in the University’s financial statements. It is not practicable to determine the balance of loans outstanding to students of the University under these programs as of June 30, 2024.
Title: NOTE 3 - FEDERAL PERKINS LOANS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). The accompanying Schedule of Expenditures of State of New Jersey Awards has been prepared in accordance with the requirements of the State of New Jersey Department of Treasury Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. The purpose of these schedules is to present the respective expenditures of Federal and State programs, under the accrual basis of accounting, of Stockton University (the “University”) for the year ended June 30, 2024. For purposes of the respective schedules, Federal and State of New Jersey awards include any assistance provided by a Federal or State agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations, loan and loan guarantees, and other noncash assistance. Because the schedules present only a selected portion of the activities of the University, they are not intended to, and do not, present either the net position of the University at June 30, 2024 or its changes in net position and cash flows for the year then ended. Accordingly, some amounts presented in the respective schedules may differ from amounts presented in, or used in the preparation of, the University’s June 30, 2024 financial statements.
De Minimis Rate Used: N
Rate Explanation: NOTE 5 - INDIRECT COSTS The University utilizes a negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate, as provided by §200.414 Indirect Cost (F&A) of the Uniform Guidance.
The Federal Perkins Loan expenditures presented in the accompanying Schedule of Expenditures of Federal Awards of $563,468 represent the total balance of loans outstanding under the Perkins Program. No new loans were made from the loan fund as the program has been discontinued by the Federal Government.
Title: NOTE 4 - SUBRECIPIENT AWARDS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). The accompanying Schedule of Expenditures of State of New Jersey Awards has been prepared in accordance with the requirements of the State of New Jersey Department of Treasury Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. The purpose of these schedules is to present the respective expenditures of Federal and State programs, under the accrual basis of accounting, of Stockton University (the “University”) for the year ended June 30, 2024. For purposes of the respective schedules, Federal and State of New Jersey awards include any assistance provided by a Federal or State agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations, loan and loan guarantees, and other noncash assistance. Because the schedules present only a selected portion of the activities of the University, they are not intended to, and do not, present either the net position of the University at June 30, 2024 or its changes in net position and cash flows for the year then ended. Accordingly, some amounts presented in the respective schedules may differ from amounts presented in, or used in the preparation of, the University’s June 30, 2024 financial statements.
De Minimis Rate Used: N
Rate Explanation: NOTE 5 - INDIRECT COSTS The University utilizes a negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate, as provided by §200.414 Indirect Cost (F&A) of the Uniform Guidance.
The University passed through the following Federal awards to subrecipients during the year ended June 30, 2024:
Federal Program: National Institute of Justice Research, Evaluation, and Development Project Grants (Research and Evaluation of Policing); Subrecipient: Rutgers, The State University; Assistance Listing Number: 16.560; Pass-Through Expenditures: $28,309 Federal Program: National Institute of Justice Research, Evaluation, and Development Project Grants (Research and Evaluation of Policing); Subrecipient: Northwestern University; Assistance Listing Number: 16.560; Pass-Through Expenditures: $54,565
Federal Program: Hazard Mitigation Grant; Subrecipient: American Littoral Society; Assistance Listing Number: 97.039; Pass-Through Expenditures: $32,803