Notes to SEFA
Title: 3. Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Gwynedd Mercy University (the University) and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of the 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 this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures for other federal awards of the University are recognized primarily on the accrual basis of accounting and are determined using the cost accounting principles and procedures set forth in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
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 Federal Perkins Loan Program and the Nursing Student Loan Program are administered directly by the University and balances and transactions relating to these programs are included in the University's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Federal Perkins Loans outstanding at June 30, 2024 totaled $65,812 and there were no loans issued in 2024. Nursing Student Loans outstanding at June 30, 2024 totaled $716,993 and loans issued in 2024 were $26,000.