Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards 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 (Uniform Guidance), on the accrual basis of accounting. The University has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards 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 (Uniform Guidance), on the accrual basis of accounting. The University has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
Title: PERKINS LOANS (CFDA NO. 84.038)
Accounting Policies: The accompanying schedule of expenditures of federal awards 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 (Uniform Guidance), on the accrual basis of accounting. The University has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The University administers the Perkins loan program. This loan program is part of the student financial aid program cluster for reporting purposes and related loan balances are reported in notes receivable, net, in the consolidated financial statements. The outstanding balance of Perkins loans at June 30, 2023, was: "See notes to the SEFA for chart/table".
Title: FEDERAL DIRECT LOANS (CFDA NO. 84.268)
Accounting Policies: The accompanying schedule of expenditures of federal awards 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 (Uniform Guidance), on the accrual basis of accounting. The University has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
During the fiscal year ending June 30, 2023, the University processed the following amount of new loans under the Federal Direct Loans program (which includes subsidized and unsubsidized Stafford Loans, and Parents’ Loans for Undergraduate and Graduate Students): "See notes to the SEFA for chart/table".
Title: ADMINISTRATIVE COSTS AND MATCHING
Accounting Policies: The accompanying schedule of expenditures of federal awards 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 (Uniform Guidance), on the accrual basis of accounting. The University has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The University has received a waiver from the U.S. Department of Education and is not required to provide an institutional matching for certain Title IV programs. The University is allowed to take up to 5% of campus-based programs as an administrative allowance. Administrative costs charged to Title IV programs by the University for the year ended June 30, 2023 totaled $22,028.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards 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 (Uniform Guidance), on the accrual basis of accounting. The University has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The University passed through $-0- to sub recipients in 2023.