Title: Federal Student Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by DePaul University (the University) under programs sponsored by the federal government for the year ended June 30, 2024. For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government as well as federal awards passed through other non profit organizations or governmental agencies in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Expenditures for federal award programs are recognized on the accrual basis of accounting.
(a) Student Financial Assistance Cluster Includes certain awards to provide financial assistance to students, primarily under the Federal Pell Grant Program, Federal Work-Study Program, Federal Supplemental Educational Opportunity Grants (FSEOG), and Teacher Education Assistance for College and Higher Education Grants (TEACH Grants) of the U.S. Department of Education. In addition, the University issues loans to students under the Federal Direct Student Loans Program, and services loans under the Federal Perkins Loan Program.
De Minimis Rate Used: N
Rate Explanation: The University recovers indirect costs under agreements with various U.S. departments and agencies. The University recovered $1,729,696 in indirect costs for the year ended June 30, 2024, under various predetermined indirect cost rates for its programs. The University does not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance because the University has a negotiated indirect cost rate agreement.
Loans disbursed by the University to eligible students under the Federal Direct Loan Program during the year ended June 30, 2024 were as follows: “See notes to the SEFA for chart/table.” The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to these programs are included in the University’s financial statements. The balance of loans outstanding under the Federal Perkins Loan Program was approximately $1,763,765 and $2,404,584 for the years ended June 30, 2024 and 2023, respectively. There were no new loans issued or administrative costs charged for the year ended June 30, 2024.
The University is responsible for the performance of certain administrative duties with respect to the federally guaranteed loan programs, and accordingly, these loans are not included in its financial statements. It is not practical to determine the balance of loans outstanding to students and former students of the University under these programs at June 30, 2024.
Title: Indirect Costs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by DePaul University (the University) under programs sponsored by the federal government for the year ended June 30, 2024. For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government as well as federal awards passed through other non profit organizations or governmental agencies in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Expenditures for federal award programs are recognized on the accrual basis of accounting.
(a) Student Financial Assistance Cluster Includes certain awards to provide financial assistance to students, primarily under the Federal Pell Grant Program, Federal Work-Study Program, Federal Supplemental Educational Opportunity Grants (FSEOG), and Teacher Education Assistance for College and Higher Education Grants (TEACH Grants) of the U.S. Department of Education. In addition, the University issues loans to students under the Federal Direct Student Loans Program, and services loans under the Federal Perkins Loan Program.
De Minimis Rate Used: N
Rate Explanation: The University recovers indirect costs under agreements with various U.S. departments and agencies. The University recovered $1,729,696 in indirect costs for the year ended June 30, 2024, under various predetermined indirect cost rates for its programs. The University does not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance because the University has a negotiated indirect cost rate agreement.
The University recovers indirect costs under agreements with various U.S. departments and agencies. The University recovered $1,729,696 in indirect costs for the year ended June 30, 2024, under various predetermined indirect cost rates for its programs. The University does not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance because the University has a negotiated indirect cost rate agreement.
Title: Noncash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by DePaul University (the University) under programs sponsored by the federal government for the year ended June 30, 2024. For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government as well as federal awards passed through other non profit organizations or governmental agencies in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Expenditures for federal award programs are recognized on the accrual basis of accounting.
(a) Student Financial Assistance Cluster Includes certain awards to provide financial assistance to students, primarily under the Federal Pell Grant Program, Federal Work-Study Program, Federal Supplemental Educational Opportunity Grants (FSEOG), and Teacher Education Assistance for College and Higher Education Grants (TEACH Grants) of the U.S. Department of Education. In addition, the University issues loans to students under the Federal Direct Student Loans Program, and services loans under the Federal Perkins Loan Program.
De Minimis Rate Used: N
Rate Explanation: The University recovers indirect costs under agreements with various U.S. departments and agencies. The University recovered $1,729,696 in indirect costs for the year ended June 30, 2024, under various predetermined indirect cost rates for its programs. The University does not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance because the University has a negotiated indirect cost rate agreement.
The University had no noncash assistance awarded or expended for the year ended June 30, 2024.