Title: NOTE 2 FEDERAL LOANS DISBURSED
Accounting Policies: NOTE 1 BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards and State Financial
Assistance includes the federal and state award activity of Florida Southern College and
Subsidiary and is presented on the accrual basis of accounting. 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 (Uniform Guidance); and Chapter 10.650, Rules of the
Auditor General, therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of, the basic consolidated financial
statements.
There were no non-cash awards in the current year.
There were no sub-recipients of federal awards and state financial assistance in the current
year.
The College has elected not to use the 10% de minimis indirect cost rate for allocation.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate for allocation.
The amount presented for Federal Perkins Loans with continuing compliance requirements
consisted of the following:
Loan Balance outstanding at May 31, 2023 $ 2 86,889
Loan receipts, cancellations and assignments (79,956)
Loan Balance outstanding at May 31, 2024 $ 2 06,933
The College also participates in the Federal Direct Loan Program, including Federal
Stafford Loans (Stafford) and Federal PLUS Loans (PLUS). The dollar amounts are listed in
the schedule of federal awards although the College is not the recipient of the funds. Such
programs are considered a component of the student financial assistance cluster. Loans
processed by the College under this Loan Program were the following for the year ended
May 31, 2024:
Federal Direct Loan Program:
Stafford:
Subsidized $ 4 ,734,483
Unsubsidized 1 0,063,045
PLUS 9 ,916,618
$ 2 4,714,146
Title: NOTE 3 SUMMARY OF FLORIDA STUDENT FINANCIAL ASSISTANCE PROGRAMS
Accounting Policies: NOTE 1 BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards and State Financial
Assistance includes the federal and state award activity of Florida Southern College and
Subsidiary and is presented on the accrual basis of accounting. 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 (Uniform Guidance); and Chapter 10.650, Rules of the
Auditor General, therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of, the basic consolidated financial
statements.
There were no non-cash awards in the current year.
There were no sub-recipients of federal awards and state financial assistance in the current
year.
The College has elected not to use the 10% de minimis indirect cost rate for allocation.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate for allocation.
Below is a summary of significant features and applicable statutes and rules of importance
to the administration of the Florida Student Financial Assistance Programs at Florida
Southern College.
Effective Access to Student Education Grant (EASE): The EASE grant provides financial
assistance to Florida undergraduate students attending independent nonprofit Florida
colleges or universities. It is a nonrepayable grant available to one-year residents of Florida.
The EASE grant is not based on need. A student may receive EASE for a maximum of nine
undergraduate semesters. The amount to be awarded to each applicant will be determined
by the state of Florida. EASE is a tuition and fee grant; therefore, the amount of EASE plus
all other scholarships and grants specifically designated for payment of tuition and fees
cannot exceed the total amount of tuition and fees charged by the institution. EASE is
authorized by Section 1009.89, Florida Statutes.
Florida Student Assistance Grant Fund (FSAG): The FSAG is a non-repayable grant
awarded only on a need basis to one year residents of Florida. A student may receive the
FSAG for a maximum of nine undergraduate semesters. The amount to be awarded to each
applicant will be determined by the State of Florida. FSAG is authorized by Section 1009.50-
1009.52, Florida Statutes.
Florida Medallion Scholars Award (FMSA): The applicant should be a Florida resident and
should be accepted and enrolled in an eligible Florida public or independent postsecondary
education institution. The applicant should complete a Bright Futures
Scholarship Program Student Authorization Form by spring high school graduation. The
amount to be awarded to each applicant will be determined by the State of Florida. The
FMSA is authorized by Section 1009.53, Florida Statutes.
Florida Academic Scholars Award (FASA): The FASA is a State of Florida scholarship
under the Florida Bright Futures Scholarship Program which provides certain qualified,
first-time-in-college, full-time, undergraduate students with assistance in paying for the
costs of education. FASA is available only to Florida residents attending eligible colleges
and universities located in the State of Florida. The amount awarded to each applicant will
be determined by the State of Florida. FASA is authorized by Section
Title: NOTE 3 SUMMARY OF FLORIDA STUDENT FINANCIAL ASSISTANCE PROGRAMS( CONTINUED)
Accounting Policies: NOTE 1 BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards and State Financial
Assistance includes the federal and state award activity of Florida Southern College and
Subsidiary and is presented on the accrual basis of accounting. 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 (Uniform Guidance); and Chapter 10.650, Rules of the
Auditor General, therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of, the basic consolidated financial
statements.
There were no non-cash awards in the current year.
There were no sub-recipients of federal awards and state financial assistance in the current
year.
The College has elected not to use the 10% de minimis indirect cost rate for allocation.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate for allocation.
Children and Spouses of Deceased or Disabled Veterans (CSDDV): The applicant must be a
dependent child or un-remarried spouse of a Florida veteran or service member who died
as a result of service connected injuries, diseases, or disabilities sustained while on active
duty or have been verified by the Florida Department of Veterans Affairs as having service
connected 100% total and permanent disabilities. Veterans must have been Florida
residents at the time of death or determination of 100% disability. The applicant must enroll
in an eligible post-secondary institution at least half-time.
Jose Marti Scholarship Challenge Grant: The applicant must be a Florida Resident and a
U.S. Citizen or eligible non-citizen. Applicant should be enrolled as a degree-seeking
student in an eligible post-secondary institution and not owe a repayment or be in default
under any state or federal grant, loan, or scholarship program. The Jose Marti Scholarship
is authorized by Section 1009.72, Florida Statutes.
Florida Fund for Minority Teachers (FFMT): Provides financial assistance to minority
undergraduate students for up to three undergraduate years. This scholarship shall be
made available to eligible students entering programs of study that lead to a degree in a
teaching position.
Title: NOTE 4 POPULATIONS AND SAMPLE SELECTIONS
Accounting Policies: NOTE 1 BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards and State Financial
Assistance includes the federal and state award activity of Florida Southern College and
Subsidiary and is presented on the accrual basis of accounting. 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 (Uniform Guidance); and Chapter 10.650, Rules of the
Auditor General, therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of, the basic consolidated financial
statements.
There were no non-cash awards in the current year.
There were no sub-recipients of federal awards and state financial assistance in the current
year.
The College has elected not to use the 10% de minimis indirect cost rate for allocation.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate for allocation.
The populations were provided by the Bureau of Auditing Services, Florida Department of
Education.
Samples were determined using State of Florida Administrative Code guidelines provided
in Rule 6A-20.0021. A random sample of 50 award recipients or 25%, whichever is less, but
no less than 10 award recipients or 100% of the recipients if less than 10, were chosen for
each program.
Students were classified as ineligible, if our examination of supporting documentation
disclosed instances of noncompliance with eligibility criteria. Awards were classified as
questioned costs, if our examination disclosed one or more of the following conditions:
awards made to ineligible students, awards for which supporting documentation was
missing, and awards, or the portions thereof, not properly credited to students’ accounts.