Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, Subpart E, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis cost rate as allowed under the Uniform
Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the
federal grant activity of Notre Dame of Maryland University (University) under programs for
the federal government for the year ended June 30, 2024. The information in the Schedule is
presented in accordance with the requirements of the U.S. Office of Management and Budget
and the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ
from amounts presented in, or used in the preparation of, the financial statements.
ACQUISITION OF MARYLAND UNIVERSITY OF INTEGRATIVE HEALTH
On February 5, 2024, the University entered into an asset purchase agreement with Maryland
University of Integrative Health, Inc. (MUIH), a Maryland non-profit corporation, to purchase
certain assets and assume certain liabilities of MUIH that constitute the business of MUIH as
an educational institution. The accompanying Schedule includes the federal grant activity of
MUIH under programs for the federal government for the period from February 5, 2024 (date
of acquisition) through June 30, 2024.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, Subpart E, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis cost rate as allowed under the Uniform
Guidance.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and
Audit Requirements for Federal Awards, Subpart E, wherein certain types of expenditures are
not allowable or are limited as to reimbursement. Pass-through entity identifying numbers
are presented where available.
Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, Subpart E, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis cost rate as allowed under the Uniform
Guidance.
The University administers the Federal Perkins Loan Program. Accordingly, the University’s
financial statements include the Federal Perkins Loan net assets and transactions. The balance
of the Federal Perkins loans outstanding as of June 30, 2024 was $19,685. The amount
presented on the Schedule is the beginning balance of the loans outstanding. There were no
loans issued or administrative costs incurred during the year ended June 30, 2024.
Title: FEDERAL DIRECT LOANS
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, Subpart E, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis cost rate as allowed under the Uniform
Guidance.
Federal loans issued to students of the University by the Department of Education during the
year ended June 30, 2024 are shown on the Schedule. The University is responsible only for
the performance of certain administrative duties with respect to the Direct Loans, and
accordingly, these loans are not included in the University’s financial statements, and it is not
practicable to determine the balance of loans outstanding to students and former students
of the University under these programs.
Federally guaranteed loans distributed to students of the University through the Federal
Direct Student Loans Program during the year ended June 30, 2024 are summarized as
follows:
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, Subpart E, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis cost rate as allowed under the Uniform
Guidance.
The University did not elect to use the 10% de minimis cost rate as allowed under the Uniform
Guidance.