Title: FEDERAL PERKINS LOAN PROGRAM (FEDERAL ASSISTANCE LISTING #84.038)
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) presents a summary of those activities of Salus University and Its Foundation (the University) which relate to federal or state government awards. The Schedule presents only a selected portion of the activities of the University and is not intended to present either the
financial position, or changes in net assets or cash flows of the University. 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). Therefore, some amounts
presented in the Schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements.
BASIS OF ACCOUNTING
Expenditures for direct costs are recognized as incurred using the accrual method of accounting. The University uses an indirect cost rate to charge facility and administrative costs to particular sponsored projects. During the year ended June 30, 2024, the University charged facility and administrative costs at the Department of Health and Human Services approved fixed rate for federal awards and the grant approved fixed rate for state awards. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University administers and accounts for all aspects of the Federal Perkins Loan Program under its direct student programs. Therefore, the University’s consolidated financial statements include the Federal Perkins Loan Program’s net assets and transactions. The balance of loans outstanding under the Federal Perkins Loan Program is $978,753 as of June 30, 2024.
Title: HEALTH PROFESSIONS STUDENT LOANS (FEDERAL ASSISTANCE LISTING #93.342)
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) presents a summary of those activities of Salus University and Its Foundation (the University) which relate to federal or state government awards. The Schedule presents only a selected portion of the activities of the University and is not intended to present either the
financial position, or changes in net assets or cash flows of the University. 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). Therefore, some amounts
presented in the Schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements.
BASIS OF ACCOUNTING
Expenditures for direct costs are recognized as incurred using the accrual method of accounting. The University uses an indirect cost rate to charge facility and administrative costs to particular sponsored projects. During the year ended June 30, 2024, the University charged facility and administrative costs at the Department of Health and Human Services approved fixed rate for federal awards and the grant approved fixed rate for state awards. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
For the year ended June 30, 2024, the outstanding balance for the Health Professions Student Loans program was $8,123,599, including Primary Care Loans to Disadvantaged Students totaling $618,636.
Title: PREVENTION OF BLINDNESS
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) presents a summary of those activities of Salus University and Its Foundation (the University) which relate to federal or state government awards. The Schedule presents only a selected portion of the activities of the University and is not intended to present either the
financial position, or changes in net assets or cash flows of the University. 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). Therefore, some amounts
presented in the Schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements.
BASIS OF ACCOUNTING
Expenditures for direct costs are recognized as incurred using the accrual method of accounting. The University uses an indirect cost rate to charge facility and administrative costs to particular sponsored projects. During the year ended June 30, 2024, the University charged facility and administrative costs at the Department of Health and Human Services approved fixed rate for federal awards and the grant approved fixed rate for state awards. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Revenues and expenditures for the period July 1, 2023 through June 30, 2024 relating to the Prevention of Blindness contract included in the Schedule are as follows:
Revenues $ 900
Expenditures:
Salary and Fringe 111
Return of Unexpended Funds 532
Supplies and Materials 257
Total Expenditures $ 900
Title: STUDENT FINANCIAL AID INSTITUTIONAL AND PROGRAM ELIGIBILITY METRICS
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) presents a summary of those activities of Salus University and Its Foundation (the University) which relate to federal or state government awards. The Schedule presents only a selected portion of the activities of the University and is not intended to present either the
financial position, or changes in net assets or cash flows of the University. 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). Therefore, some amounts
presented in the Schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements.
BASIS OF ACCOUNTING
Expenditures for direct costs are recognized as incurred using the accrual method of accounting. The University uses an indirect cost rate to charge facility and administrative costs to particular sponsored projects. During the year ended June 30, 2024, the University charged facility and administrative costs at the Department of Health and Human Services approved fixed rate for federal awards and the grant approved fixed rate for state awards. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University is in compliance with the following institutional and program eligibility requirements under the Higher Education Act of 1965 and Federal regulations under 34 CFR 668.23:
Correspondence courses the institution offers under 34 CFR 600.7(b) and (g)
Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and (g)
Institution’s regular students that are incarcerated under 34 CFR 600.7(c) and (g)
Completion rates for confined or incarcerated individuals enrolled in non-degree programs at nonprofit institutions under 34 CFR 600.7(c)(3)(ii) and (g)
Institution’s regular students that lack a high school diploma or its equivalent under 34 CFR 600.7(d) and (g)
Completion rates for short-term programs under 34 CFR 668.8(f) and (g)
Placement rates for short-term programs under https://www.ecfr.gov/current/title-34/subtitle-B/chapter-VI/part-668/subpart-A/section-668.8 34 CFR 668.8(e)(2)