Notes to SEFA
Title: Note 2 - Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal and state awards ("the schedule")
include federal and state award activity of Concordia University ("the University") under
programs of the federal and state government 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 the
State Single Audit Guidelines. 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 net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimus indirect cost rate.
During the year ended June 30, 2024, students and their parents were awarded $54,416,768
of federally guaranteed loans under the Federal Direct Student Loans program.
The University is responsible only for the performance of certain administrative duties with
respect to the federally guaranteed direct student loan programs and, accordingly, balances
and transactions relating to the Federal Direct Student Loan program are not included in the
University’s basic consolidated financial statements. Therefore, it is not practical to
determine the balances of the loans outstanding to students and former students of the
University at June 30, 2024.
Title: Note 3 - Other
Accounting Policies: The accompanying schedule of expenditures of federal and state awards ("the schedule")
include federal and state award activity of Concordia University ("the University") under
programs of the federal and state government 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 the
State Single Audit Guidelines. 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 net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimus indirect cost rate.
The University did not receive any noncash federal awards, nor receive any federal insurance
and did not provide funds to any sub-recipients.