Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following 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, if any, represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in prior
years.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of the University of Denver (Colorado Seminary) (the University) 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 2 CFR 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.
Title: Federal Student Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following 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, if any, represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in prior
years.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The federal student loan program listed subsequently is administered directly by the
University, and balances and transactions relating to this program is included in the
University's basic financial statements. Loans outstanding at the beginning of the year and
loans made during the year are included in the federal expenditures presented in the
Schedule. The balance of loans outstanding at June 30, 2024 consists of:
Program Title CFDA Number Amount Outstanding
Federal Perkins Loans 84.038 $ 2,427,917
Title: STUDENT FINANCIAL AID INSTITUTIONAL AND PROGRAM ELIGIBILITY METRICS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following 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, if any, represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in prior
years.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The University 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 University offers under 34 CFR 600.7(b) and (g)
Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and
(g) University’s regular students that are incarcerated under 34 CFR 600.7(c) and (g)
Completion rates for confined or incarcerated individuals enrolled in nondegree
programs at nonprofit institutions under 34 CFR 600(c)(3)(ii) and (g)
University’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)