Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for Education Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. This is except for ALN 81.128 for Efficiency Maine that relates to the balance of a loan. Pass-through entity identifying numbers are presented where available.
The System has predetermined Facilities and Administrative (F&A) rates for fiscal year 2024. The base rates for other F&A cost recoveries range from 26% to 53% for fiscal year 2024.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the University of Maine System (the System) under programs of the federal government for the year ended June 30, 2024. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the System, it is not intended to and does not present the financial position, changes in net position, or cash flows of the System. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
This report includes the six campuses of the System and the administrative and management offices of the System (System-Wide Services). The six campuses and their respective federal identification numbers are as follows:
University of Maine at Augusta (UMA) 1-01-600-0769-A3
University of Maine at Farmington (UMF) 1-01-600-0769-B1
University of Maine at Fort Kent (UMFK) 1-01-600-0769-A5
University of Maine (UM) 1-01-600-0769-A2
University of Maine at Presque Isle (UMPI) 1-01-600-0769-A6
University of Southern Maine (USM) 1-01-600-0769-A8
Title: LOAN BALANCES
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for Education Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. This is except for ALN 81.128 for Efficiency Maine that relates to the balance of a loan. Pass-through entity identifying numbers are presented where available.
The System has predetermined Facilities and Administrative (F&A) rates for fiscal year 2024. The base rates for other F&A cost recoveries range from 26% to 53% for fiscal year 2024.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule of federal expenditures. The balances of loans outstanding at June 30, 2024 consist of the following:
Federal Perkins Loans $3,486,610
Nursing Student Loans 1,930,363
Title: EXPENDITURES OF FEDERAL AWARDS SUMMARIZED BY AGENCY
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for Education Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. This is except for ALN 81.128 for Efficiency Maine that relates to the balance of a loan. Pass-through entity identifying numbers are presented where available.
The System has predetermined Facilities and Administrative (F&A) rates for fiscal year 2024. The base rates for other F&A cost recoveries range from 26% to 53% for fiscal year 2024.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The following table summarizes the expenditures of federal awards by agency for the fiscal year ended June 30, 2024:
Agency / ALN / Direct Funding / Passed-Through Funding / Total:
Department of Agriculture / 10xxx / $18,334,972 / $2,798,416 / $21,133,388
Department of Commerce / 11xxx / 6,898,659 / 2,398,044 / 9,296,703
Department of Defense / 12xxx / 18,820,928 / 7,225,742 / 26,046,670
Department of Housing & Urban Development / 14xxx / 5,858 / - / 5,858
Department of the Interior / 15xxx / 848,879 / 592,797 / 1,441,676
Department of Justice / 16xxx / 1,886,830 / 217,551 / 2,104,381
Department of Labor / 17xxx / 160,031 / - / 160,031
Department of State / 19xxx / - / 156,345 / 156,345
Department of Transportation / 20xxx / 3,353,696 / 222,040 / 3,575,736
Department of the Treasury / 21xxx / 107,796 / 8,556,398 / 8,664,194
National Aeronautics & Space Administration / 43xxx / 1,339,061 / 1,702,576 / 3,041,637
National Endowment for the Humanities / 451xx / 238,557 / 2,842 / 241,399
Institute of Museum and Library Services / 453xx / - / 36,283 / 36,283
National Science Foundation / 47xxx / 17,323,817 / 1,308,107 / 18,631,924
Small Business Administration / 59xxx / 958,909 / - / 958,909
Environmental Protection Agency / 66xxx / 2,938,689 / 10,520 / 2,949,209
U.S. Nuclear Regulatory Commission / 77xxx / 96,207 / - / 96,207
Department of Energy / 81xxx / 7,221,104 / 7,176,451 / 14,397,555
Department of Education / 84xxx / 156,465,715 / 663,976 / 157,129,691
Northern Border Regional Commission / 90xxx / 37,932 / - / 37,932
Department of Health & Human Services / 93xxx / 12,040,718 / 6,324,723 / 18,365,441
Corporation for National & Community Service / 94xxx / 712,112 / 31,687 / 743,799
Department of Homeland Security / 97xxx / - / 271,352 / 271,352
United States Agency for International Development / 98xxx / - / 8,229 / 18,229
$249,790,470 / $39,714,079 / $289,504,549
Title: STUDENT FINANCIAL AID INSTITUTIONAL AND PROGRAM ELIGIBILITY METRICS
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for Education Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. This is except for ALN 81.128 for Efficiency Maine that relates to the balance of a loan. Pass-through entity identifying numbers are presented where available.
The System has predetermined Facilities and Administrative (F&A) rates for fiscal year 2024. The base rates for other F&A cost recoveries range from 26% to 53% for fiscal year 2024.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Institution 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 34 CFR 668.8(e)(2)
Title: FEDERAL LOAN PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for Education Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. This is except for ALN 81.128 for Efficiency Maine that relates to the balance of a loan. Pass-through entity identifying numbers are presented where available.
The System has predetermined Facilities and Administrative (F&A) rates for fiscal year 2024. The base rates for other F&A cost recoveries range from 26% to 53% for fiscal year 2024.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal Perkins Loan Program (84.038) was closed out during the year ended June 30, 2024 at the University of Maine Presque Isle. All loans were received, cancelled, or assigned and cash of $57,940 was returned to the Department of Education in February 2024