Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: The accompanying schedules of expenditures of federal and state awards (the Schedules) summarize expenditures charged to federal and state programs administered by Marian University, Inc. for the year ended June 30, 2024 and have been prepared on the accrual basis.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to apply the 10 percent de minimis cost rate to awards for the year ended June 30, 2024.
Federal and state awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal and state governments and all awards to the University by other organizations pursuant to federal and state grants, contracts, and similar agreements. The Schedules summarize expenditures by primary federal and state funding agency.
Title: NOTE 2 - FEDERAL STUDENT FINANCIAL AID PROGRAM CLUSTER (THE CLUSTER)
Accounting Policies: The accompanying schedules of expenditures of federal and state awards (the Schedules) summarize expenditures charged to federal and state programs administered by Marian University, Inc. for the year ended June 30, 2024 and have been prepared on the accrual basis.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to apply the 10 percent de minimis cost rate to awards for the year ended June 30, 2024.
Federal awards to provide financial assistance to students are combined and considered to be a single program (Student Financial Aid Program Cluster) for major federal program determination. The amount of loans made during the year under federal government student loan programs are considered as disbursements for major program determination. The amounts included in the Schedules represent loans disbursed during the year, plus the related administrative charge.
The Student Financial Aid Program Cluster represents the combination of awards by the U.S. Department of Education to provide financial assistance to students under the following programs:
• Federal Supplemental Educational Opportunity Grants
• Federal Work-Study Program
• Federal Perkins Loan Program
• Federal Pell Grant Program
• Federal Direct Student Loans
• Teacher Education Assistance for College and Higher Education Grants
• Unsubsidized Stafford Loans
• Parent Loans for Undergraduate Students
The University receives awards to make loans to eligible students under certain federal government student loan programs and federally guaranteed loans are issued to the students of the University by the Secretary of Education. These loans are considered for purposes of determining whether student financial assistance is a major program under the Uniform Guidance. The Federal Perkins Loan Program is administered by the University and its service organization. In addition, the Student Financial Aid Program Cluster includes the following federal government student loan programs that are administered by the Secretary of Education:
• Subsidized Stafford Loans
Title: NOTE 3 - FEDERAL STUDENT LOAN PROGRAM
Accounting Policies: The accompanying schedules of expenditures of federal and state awards (the Schedules) summarize expenditures charged to federal and state programs administered by Marian University, Inc. for the year ended June 30, 2024 and have been prepared on the accrual basis.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to apply the 10 percent de minimis cost rate to awards for the year ended June 30, 2024.
Loans made by the University to eligible students under the Federal Perkins Loan Program and federally guaranteed loans made by the Secretary of Education to students of the University during the year ended June 30, 2024 are summarized as follows:
The University is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs, and, accordingly, these loans are not included in its financial statements and it is not practical to determine the balance of loans outstanding to students and former students of Marian University, Inc. under these programs at June 30, 2024.