Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Note 2. Summary of Significant Accounting Policies
Expenditures reported on the schedule are reported on the accrual basis of accounting. These
expenditures are recognized following the cost principles contained in the Uniform Guidance,
whereas, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3. Indirect Cost Rate
The University did not elect to use the 10 percent de minimis cost rate. Vincennes University has
an approved indirect cost rate of 39.70 percent for on-campus programs and 10.30 percent for offcampus
programs using a modified total direct cost basis. The University’s cognizant agency is
Health and Human Services. The effective period for these rates is July 1, 2021 through June 30,
2025.
Note 1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal
grant activity of Vincennes University (University) under programs of the federal government for
the year ending 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 Requirement for Federal Awards
(Uniform Guidance). For purposes of the Schedule, federal awards include all federal assistance
and procurement relationships entered into directly between the University and the federal
government and sub-awards from non-federal organizations made under federally sponsored
agreements. The Schedule presents only a selective portion of the activities of the University;
therefore, it is not intended to and does not present the financial position, change in financial
position, or cash flow of the University.
Student Financial Assistance
Expenditures for non-loan assistance made to students are recognized and reported in the Schedule
of Expenditures of Federal Awards.
Student loan programs are funded by the federal government under various programs; e.g., Perkins
Student Loan Program and Nursing Student Loan Program. Activity related to these loan programs
include federal and university capital contributions, loan repayments, interest earned on loans,
cancellation of loans, and administrative and collection costs.
Title: Note 4. Federal Direct Student Loans
Accounting Policies: Note 2. Summary of Significant Accounting Policies
Expenditures reported on the schedule are reported on the accrual basis of accounting. These
expenditures are recognized following the cost principles contained in the Uniform Guidance,
whereas, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3. Indirect Cost Rate
The University did not elect to use the 10 percent de minimis cost rate. Vincennes University has
an approved indirect cost rate of 39.70 percent for on-campus programs and 10.30 percent for offcampus
programs using a modified total direct cost basis. The University’s cognizant agency is
Health and Human Services. The effective period for these rates is July 1, 2021 through June 30,
2025.
Note 4. Federal Direct Student Loans
The Schedule of Expenditures of Federal Awards includes Federal Direct Student loans which were
not made by the University, but were received by its students. The University is responsible only for
the performance of certain administrative duties with respect to these loans.
The number of guaranteed loans and the total amount processed for each Direct Loan Program for
the year ended June 30, 2024, were as follows:
Title: Note 5. Federal Student Loan Program
Accounting Policies: Note 2. Summary of Significant Accounting Policies
Expenditures reported on the schedule are reported on the accrual basis of accounting. These
expenditures are recognized following the cost principles contained in the Uniform Guidance,
whereas, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3. Indirect Cost Rate
The University did not elect to use the 10 percent de minimis cost rate. Vincennes University has
an approved indirect cost rate of 39.70 percent for on-campus programs and 10.30 percent for offcampus
programs using a modified total direct cost basis. The University’s cognizant agency is
Health and Human Services. The effective period for these rates is July 1, 2021 through June 30,
2025.
The University participates in various loan programs. The University maintains revolving loan funds
for the Perkins and Nursing Student Loan Programs. The Perkins Loan and the Nursing Student
Loan Programs are administered by the University. The balances and transactions related to these
programs are included in the University’s financial statements; therefore, the federal expenditures
include the entire amount reported in the loan fund which also includes the outstanding loans to
students. The following schedule represents loans outstanding as of June 30, 2024: