Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying supplemental schedule of expenditures of federal awards and state projects and financial assistance programs and supplemental schedule of expenditures for Florida student financial assistance programs include the federal and state financial assistance project activity of Florida Memorial University, Inc. (the "University") for the year ended June 30, 2022 and are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the requirements described in the Department of Financial Services' State Projects Compliance Supplement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements for the University. The state financial assistance projects are financed by the State of Florida Department of Education, and the administration of each project is the responsibility of the Florida Department of Education's Office of Student Financial Assistance and the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were $3,901,840.
Title: Transfers to Subrecipients
Accounting Policies: The accompanying supplemental schedule of expenditures of federal awards and state projects and financial assistance programs and supplemental schedule of expenditures for Florida student financial assistance programs include the federal and state financial assistance project activity of Florida Memorial University, Inc. (the "University") for the year ended June 30, 2022 and are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the requirements described in the Department of Financial Services' State Projects Compliance Supplement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements for the University. The state financial assistance projects are financed by the State of Florida Department of Education, and the administration of each project is the responsibility of the Florida Department of Education's Office of Student Financial Assistance and the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no transfers to subrecipients during the year.
Title: State Financial Assistance Projects
Accounting Policies: The accompanying supplemental schedule of expenditures of federal awards and state projects and financial assistance programs and supplemental schedule of expenditures for Florida student financial assistance programs include the federal and state financial assistance project activity of Florida Memorial University, Inc. (the "University") for the year ended June 30, 2022 and are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the requirements described in the Department of Financial Services' State Projects Compliance Supplement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements for the University. The state financial assistance projects are financed by the State of Florida Department of Education, and the administration of each project is the responsibility of the Florida Department of Education's Office of Student Financial Assistance and the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following is a brief description of each Florida student financial assistance project administered by the Student Financial Aid office of the University: Florida Effective Access to Student Education Grant (EASE) EASE is a State of Floridafinancial aid project that provides certain qualified, full-time, undergraduate students withassistance in paying for tuition and fees. EASE is available only to Florida residentsattending eligible, private, nonprofit colleges and universities located in the state of Florida.Florida Private Student Assistance Grant (FSAG) FSAG is a State of Florida financialaid project that provides certain qualified, full-time, undergraduate students with assistance inpaying for costs of education, including tuition, fees, and living expenses. FSAG isavailable only to Florida residents attending eligible colleges and universities located in theState of Florida.Mary McLeod Bethune Scholarship Challenge Grant (MBSCG) MBSCG is a State ofFlorida financial aid project that provides certain qualified, full-time, undergraduatestudents with scholarships to assist in paying for the costs of education. The scholarship isonly available to students attending eligible colleges and universities located in the state ofFlorida.Florida Merit Scholarship Program (FMSP) FMSP is a State of Florida scholarshipunder the Florida Bright Futures Scholarship Program, which provides certain qualified,full-time, undergraduate students with scholarships to assist in paying for the costs ofeducation. The scholarship is only available to students attending eligible colleges anduniversities located in the state of Florida.Children and Spouses of Deceased or Disabled Veterans Scholarship Program (CSDDV) The CSDDV provides scholarships for dependent children or unmarried spouses ofFlorida veterans who died as a result of service-connected injuries, diseases, or disabilitiessustained while on active duty or who have been certified by the Florida Department ofVeterans Affairs as having service-connected 100% permanent and total disabilities.CSDDV also provides funds for dependent children whose parent is classified as a prisonerof war or missing in action by the Armed Forces of the United States or as civilianpersonnel captured while serving with the consent or authorization of the United StatesGovernment during wartime service. CSDDV provides funding for tuition and registrationfees at an eligible postsecondary institution or the equivalent at an eligible privatepostsecondary institution in Florida.
Title: De Minimus Cost Rate
Accounting Policies: The accompanying supplemental schedule of expenditures of federal awards and state projects and financial assistance programs and supplemental schedule of expenditures for Florida student financial assistance programs include the federal and state financial assistance project activity of Florida Memorial University, Inc. (the "University") for the year ended June 30, 2022 and are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the requirements described in the Department of Financial Services' State Projects Compliance Supplement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements for the University. The state financial assistance projects are financed by the State of Florida Department of Education, and the administration of each project is the responsibility of the Florida Department of Education's Office of Student Financial Assistance and the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University does not use the 10% de minimis cost rate.