Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-21, Cost Principles for Educational Institutions, or the cost principles contained 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 not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Lehigh University (the University) under programs of the federal government for the year ended June 30, 2024 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). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the University. The Schedule does not present the activity for the University’s subsidiary Manufacturers Resource Center that expended $659,128 in federal awards for the year ended June 30, 2024. The financial statements of Manufacturers Resource Center is audited separately and did not meet the Uniform Guidance threshold to require a separate compliance audit of its federal expenditures for the year ended June 30, 2024.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-21, Cost Principles for Educational Institutions, or the cost principles contained 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 not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-21, Cost Principles for Educational Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE C - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-21, Cost Principles for Educational Institutions, or the cost principles contained 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 not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE D - FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-21, Cost Principles for Educational Institutions, or the cost principles contained 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 not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Perkins loans are administered directly by the University, and balances and transactions relating to Perkins loans are included in the University’s consolidated financial statements. Perkins loan expenditures reported on the Schedule include the balance of outstanding loans at June 30, 2023, and the administrative cost allowance claimed during the year ended June 30, 2024 of $115,242. The outstanding balance of Federal Perkins Loans at June 30, 2024 was $351,209. There were no federal or institutional capital contributions to the Perkins revolving loan fund for the year ended June 30, 2024.
There were no federal or institutional capital contributions to the Perkins revolving loan fund for the year ended June 30, 2024.
Title: NOTE E - DIRECT LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-21, Cost Principles for Educational Institutions, or the cost principles contained 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 not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Direct Loans are made by the Secretary of Education, and therefore balances and transactions relating to Direct Loans are not included in the University’s consolidated financial statements. The University is responsible for the performance of certain administrative duties under the Direct Loan program, including origination and disbursement of loans. The Schedule includes the amounts loaned to students during the year ended June 30, 2024. It is not practical to estimate the outstanding balance of loans under this program.
The Schedule includes the amounts loaned to students during the year ended June 30, 2024. It is not practical to estimate the outstanding balance of loans under this program.