Title: 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (“Schedule”) is
to present a summary of the expenditures of Loyola University Chicago (LUC) for the year
ended June 30, 2024, that have been financed by the federal government.
Direct federal programs are presented by the federal government Assistance Listing
Number (ALN) and, where applicable, the major subdivision within the agency. Subgrant
programs are presented by each pass-through organization that granted federal funds to
LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to
other organizations.
Because the Schedule presents only a selected portion of the transactions of LUC, it is not
intended to, and does not, present the financial position, activities or cash flows of LUC.
De Minimis Rate Used: N
Rate Explanation: As LUC has a federally negotiated indirect cost rate in effect for the year ended June 30, 2024, LUC did not elect to use the 10% de minimis cost rate.
Purpose—The purpose of the Schedule of Expenditures of Federal Awards (“Schedule”) is
to present a summary of the expenditures of Loyola University Chicago (LUC) for the year
ended June 30, 2024, that have been financed by the federal government.
Direct federal programs are presented by the federal government Assistance Listing
Number (ALN) and, where applicable, the major subdivision within the agency. Subgrant
programs are presented by each pass-through organization that granted federal funds to
LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to
other organizations.
Because the Schedule presents only a selected portion of the transactions of LUC, it is not
intended to, and does not, present the financial position, activities or cash flows of LUC.
Basis of Accounting—The accompanying Schedule has been prepared from LUC’s
accounting records. LUC’s accounting records for federal awards are maintained principally
on the modified cash basis except for purchases of capital items, which are recorded as
expenditures.
All program cash received includes federal and state matching funds if the pass-through
agency could not separately identify the federal portion.
As LUC has a federally negotiated indirect cost rate in effect for the year ended June 30,
2024, LUC did not elect to use the 10% de minimis cost rate.
Title: 2. MAJOR FEDERAL PROGRAMS
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (“Schedule”) is
to present a summary of the expenditures of Loyola University Chicago (LUC) for the year
ended June 30, 2024, that have been financed by the federal government.
Direct federal programs are presented by the federal government Assistance Listing
Number (ALN) and, where applicable, the major subdivision within the agency. Subgrant
programs are presented by each pass-through organization that granted federal funds to
LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to
other organizations.
Because the Schedule presents only a selected portion of the transactions of LUC, it is not
intended to, and does not, present the financial position, activities or cash flows of LUC.
De Minimis Rate Used: N
Rate Explanation: As LUC has a federally negotiated indirect cost rate in effect for the year ended June 30, 2024, LUC did not elect to use the 10% de minimis cost rate.
The major federal programs administered by LUC during the year ended June 30, 2024,
were the Student Financial Assistance cluster and the Research and Development cluster.
The Research and Development cluster is defined by Uniform Guidance as including all
research activities, both basic and applied, and all development activities that are
performed by a non-Federal entity. “Research” is defined as a systematic study directed
toward fuller scientific knowledge or understanding of the subject studied. “Development”
is the systematic use of knowledge and understanding gained from research directed
toward the production of useful materials, devices, systems, or methods, including design
and development of prototypes and processes.
In instances where grant documents from the federal government and other subgrantor
organizations do not clearly identify a grant as research and development, LUC
management exercises its professional judgment in classifying such grants as research
and development.
The Student Financial Assistance cluster is defined by the Uniform Guidance as including
those programs of general student assistance, such as those authorized by Title IV of the
Higher Education Act of 1965, as amended, which is administered by the U.S. Department
of Education, and similar programs provided by other federal agencies.
Title: 3. ADMINISTRATIVE COST ALLOWANCE
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (“Schedule”) is
to present a summary of the expenditures of Loyola University Chicago (LUC) for the year
ended June 30, 2024, that have been financed by the federal government.
Direct federal programs are presented by the federal government Assistance Listing
Number (ALN) and, where applicable, the major subdivision within the agency. Subgrant
programs are presented by each pass-through organization that granted federal funds to
LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to
other organizations.
Because the Schedule presents only a selected portion of the transactions of LUC, it is not
intended to, and does not, present the financial position, activities or cash flows of LUC.
De Minimis Rate Used: N
Rate Explanation: As LUC has a federally negotiated indirect cost rate in effect for the year ended June 30, 2024, LUC did not elect to use the 10% de minimis cost rate.
Included in the major program student financial assistance section of the Schedule is the
total amount of expenditures from the administrative cost allowance provided by the
Federal Work-Study Program (CFDA #84.033).
Title: 4. NONCASH FEDERAL AWARDS AND FEDERAL INSURANCE
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (“Schedule”) is
to present a summary of the expenditures of Loyola University Chicago (LUC) for the year
ended June 30, 2024, that have been financed by the federal government.
Direct federal programs are presented by the federal government Assistance Listing
Number (ALN) and, where applicable, the major subdivision within the agency. Subgrant
programs are presented by each pass-through organization that granted federal funds to
LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to
other organizations.
Because the Schedule presents only a selected portion of the transactions of LUC, it is not
intended to, and does not, present the financial position, activities or cash flows of LUC.
De Minimis Rate Used: N
Rate Explanation: As LUC has a federally negotiated indirect cost rate in effect for the year ended June 30, 2024, LUC did not elect to use the 10% de minimis cost rate.
During the year ended June 30, 2024, LUC did not expend any non-monetary assistance.
In addition, LUC did not have any federal insurance in effect during the year ended June
30, 2024, to specifically cover federal expenditures.
Title: 5. LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (“Schedule”) is
to present a summary of the expenditures of Loyola University Chicago (LUC) for the year
ended June 30, 2024, that have been financed by the federal government.
Direct federal programs are presented by the federal government Assistance Listing
Number (ALN) and, where applicable, the major subdivision within the agency. Subgrant
programs are presented by each pass-through organization that granted federal funds to
LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to
other organizations.
Because the Schedule presents only a selected portion of the transactions of LUC, it is not
intended to, and does not, present the financial position, activities or cash flows of LUC.
De Minimis Rate Used: N
Rate Explanation: As LUC has a federally negotiated indirect cost rate in effect for the year ended June 30, 2024, LUC did not elect to use the 10% de minimis cost rate.
The outstanding balances of those loan programs for which the Federal Government imposes
continuing compliance requirements are as follows:
Program ALN # Outstanding Balance as of June 30, 2024
Federal Perkins Loan Program 84.038 $ 3,048,840
Nursing Faculty Loan Program 93.264 1,300,242
Nursing Student Loans 93.364 1,020,526
Total $ 5,369,608
The amount of loans outstanding at the beginning of the year and loans made during the
year for these programs are included in the federal expenditures presented in the
Schedule.
Title: 6. FEDERAL AWARD THRESHOLD
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (“Schedule”) is
to present a summary of the expenditures of Loyola University Chicago (LUC) for the year
ended June 30, 2024, that have been financed by the federal government.
Direct federal programs are presented by the federal government Assistance Listing
Number (ALN) and, where applicable, the major subdivision within the agency. Subgrant
programs are presented by each pass-through organization that granted federal funds to
LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to
other organizations.
Because the Schedule presents only a selected portion of the transactions of LUC, it is not
intended to, and does not, present the financial position, activities or cash flows of LUC.
De Minimis Rate Used: N
Rate Explanation: As LUC has a federally negotiated indirect cost rate in effect for the year ended June 30, 2024, LUC did not elect to use the 10% de minimis cost rate.
The federal expenditure dollar threshold used to distinguish between Type A and Type B
programs for fiscal year 2024 was $1,283,075.
Title: 7. FINDINGS
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (“Schedule”) is
to present a summary of the expenditures of Loyola University Chicago (LUC) for the year
ended June 30, 2024, that have been financed by the federal government.
Direct federal programs are presented by the federal government Assistance Listing
Number (ALN) and, where applicable, the major subdivision within the agency. Subgrant
programs are presented by each pass-through organization that granted federal funds to
LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to
other organizations.
Because the Schedule presents only a selected portion of the transactions of LUC, it is not
intended to, and does not, present the financial position, activities or cash flows of LUC.
De Minimis Rate Used: N
Rate Explanation: As LUC has a federally negotiated indirect cost rate in effect for the year ended June 30, 2024, LUC did not elect to use the 10% de minimis cost rate.
There were no current-year or prior-year financial statements or federal award findings
required to be reported in accordance with the Uniform Guidance.