Title: GENERAL INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cairn University (the “University”) and is presented on the accrual basis of accounting. The information in these schedules 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,” Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Cairn University (the “University”). All awards received directly from federal agencies as well as financial assistance passed through other governmental agencies or non-profit organizations are included on the schedule.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cairn University (the “University”) and is presented on the accrual basis of accounting. The information in these schedules 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,” Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate.
The University did not pass any awards through to subrecipients.
Title: MATCHING CONTRIBUTIONS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cairn University (the “University”) and is presented on the accrual basis of accounting. The information in these schedules 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,” Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate.
The amounts reported in the accompanying Schedule of Expenditures of Federal Awards do not include matching contributions made by the University. The University made matching contributions to the following federal awards:
Federal Work-Study Program $16,571
The University received a waiver of the matching requirement from the Department of Education for the Federal Work-Study Program and Federal Supplemental Educational Opportunity Grant Program during the year ended June 30, 2024.
Title: FEDERAL DIRECT STUDENT LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cairn University (the “University”) and is presented on the accrual basis of accounting. The information in these schedules 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,” Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate.
The Federal Direct Student Loans (Federal ALN Number 84.268) are comprised of the following types of loans:
PLUS Loans $ 909,237
Stafford Loans - subsidized 1,504,881
Stafford Loans - unsubsidized 1,653,344
Total Federal Direct Student Loans $ 4,067,462