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.