Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Seton Hill University and Affiliate (University) under programs of the federal 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. Since the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the combined financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Seton Hill University and Affiliate (University) under programs of the federal 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. Since the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the combined financial position, changes in net assets or cash flows of the University.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICY
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Seton Hill University and Affiliate (University) under programs of the federal 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. Since the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the combined financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Pass-through entity identifying numbers are presented where available.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Seton Hill University and Affiliate (University) under programs of the federal 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. Since the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the combined financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: FEDERAL STUDENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Seton Hill University and Affiliate (University) under programs of the federal 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. Since the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the combined financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The federal student loan program listed subsequently is administered directly by the University, and balances and transactions relating to this program are included in the University’s combined financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2024 consists of CFDA number 84.038, Federal Perkins Loan Program, in the amount of $685,367.