Notes to SEFA
Title: Federal Direct Student Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Christ Hospital Health Network (the Network) and is presented using the accrual basis of accounting. The information in the schedule of expenditures of federal awards 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).
De Minimis Rate Used: Both
Rate Explanation: The Network has elected to utilize the 10 percent de minimis indirect cost rate allowed by the Uniform Guidance for a portion of the Cardiovascular Diseases Research (Assistance Listing No. #93.837) awards only. Outside of these awards, the 10 percent de minimis indirect cost rate was not applied.
The Christ Hospital College of Nursing and Health Sciences (the College of Nursing), a subsidiary of the Network, acts as the intermediary for students participating in the Federal Direct Student Loans Program (Assistance Listing No. 84.268, which includes subsidized and unsubsidized loans, as well as Parent Loan for Undergraduate Students (PLUS)) of the federal government. The federal government is responsible for billing and collections of these loans. The College of Nursing assists the federal government by processing the applications and applying funds to student accounts from the federal government. Since this program is administered by the federal government, new loans made in the fiscal year ended June 30, 2024, related to the Federal Direct Student Loans Program are considered current year federal expenditures, whereas the outstanding loan balances are not. The new loans issued during the fiscal year ended June 30, 2024, totaled $3,915,825, and are summarized as follows: See Notes to the SEFA for chart/table.
Title: COVID-19 Disaster Grants – Public Assistance (Presidentially Declared Disasters)
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Christ Hospital Health Network (the Network) and is presented using the accrual basis of accounting. The information in the schedule of expenditures of federal awards 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).
De Minimis Rate Used: Both
Rate Explanation: The Network has elected to utilize the 10 percent de minimis indirect cost rate allowed by the Uniform Guidance for a portion of the Cardiovascular Diseases Research (Assistance Listing No. #93.837) awards only. Outside of these awards, the 10 percent de minimis indirect cost rate was not applied.
Expenditures for disaster grants from the U.S. Department of Homeland Security (Assistance Listing No. 97.036), are recorded on the schedule of expenditures of federal awards when the funds are obligated by the awarding agency and eligible expenditures have been incurred. All disaster grant expenditures included in the schedule of expenditures of federal awards for the year ended June 30, 2024, were incurred in prior fiscal years.