Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis cost rate, as allowable, under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of the Naropa University (the University) under programs of the federal government for the year ended June 30,
2024. The information 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). 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.
Title: NOTE 2 - SUMMARY OF SIGNFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis cost rate, as allowable, under the Uniform Guidance
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis cost rate, as allowable, under the Uniform Guidance
The University has elected to use the 10% de minimis cost rate, as allowable, under the Uniform Guidance.
Title: NOTE 4 - FEDERAL STUDENT LOAN PROGRAM
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis cost rate, as allowable, under the Uniform Guidance
The federal student loan programs listed subsequently are administered directly by the University and balances and transactions relating to these programs are included in the University's basic financial statements. The balance of loans outstanding at June 30, 2024 consists of: federal financial assist listing: 84.038. Program Name - Perkins Loan Program. Outstanding Balance at June 30, 2024 - $128,209.