Title: STUDENT FINANCIAL ASSISTANCE AND LOAN PROGRAMS
Accounting Policies: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards (the SEFA) presents the expenditures of all federal awards programs of Carlow University (the University) using the accrual basis of accounting.
RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
The information in this SEFA 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). Therefore, some amounts presented in this SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, this SEFA is not intended to, and does not present, the financial position, changes in net assets or cash flows of the
University.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Total loans granted under the Federal Direct Student Loan Program, which were not made by the University but were received by its students, were $21,992,656 for the year ended June 30, 2023.
Total loans outstanding under the Federal Perkins Loan Program, the Nursing Student Loan Program and the Nurse Faculty Loan Program at June 30, 2023 were $1,718,068. In addition, loans totaling $337,421 were awarded under these programs during the year
ended June 30, 2023.
Title: MAJOR PROGRAMS
Accounting Policies: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards (the SEFA) presents the expenditures of all federal awards programs of Carlow University (the University) using the accrual basis of accounting.
RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
The information in this SEFA 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). Therefore, some amounts presented in this SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, this SEFA is not intended to, and does not present, the financial position, changes in net assets or cash flows of the
University.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal awards expenditures for purposes of this calculation include loans administered under the Federal Direct Student Loan Program during the year ended June 30, 2023, and Federal Perkins Loans, Nursing Student Loans, and Nurse Faculty Loans outstanding as of
June 30, 2022, plus loans awarded during the year ended June 30, 2023.
Title: SEFA RESTATEMENT
Accounting Policies: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards (the SEFA) presents the expenditures of all federal awards programs of Carlow University (the University) using the accrual basis of accounting.
RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
The information in this SEFA 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). Therefore, some amounts presented in this SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. In addition, this SEFA is not intended to, and does not present, the financial position, changes in net assets or cash flows of the
University.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
After the issuance of the June 30, 2023 single audit report, the University determined that they had not recorded the indirect costs incurred for certain programs on the SEFA, and has
updated the schedule to now include these costs for the period ending June 30, 2023. The below chart summarizes the impact of changes made to the SEFA.
Federal Balance, as Effect of Balance, as
Federal Grantor/Pass Through Grantor/ Assistance Listing Previously
Program or Cluster Title Number Reported Restatement Restated
Student Financial Assistance Cluster
U.S. Department of Education
Federal Supplemental Education Opportunity Grants 84.007 $ 189,650 $ - $ 189,650
Federal Work-Study Program 84.033 190,046 - 190,046
Federal Perkins Loans Program 84.038 671,823 - 671,823
Federal Pell Grant Program 84.063 2,572,033 - 2,572,033
Federal Direct Student Loans 84.268 21,992,656 - 21,992,656
Teacher Education Assistance for College and Higher Education Grants 84.379 18,860 - 18,860
Total U.S. Department of Education 25,635,068 - 25,635,068
U.S. Department of Health and Human Services
Nursing Student Loans Program 93.364 883,207 - 883,207
Nurse Faculty Loan Program 93.264 610,935 - 610,935
Total U.S. Department of Health and Human Services 1,494,142 - 1,494,142
Total Student Financial Assistance Cluster 27,129,210 - 27,129,210
Education Stabilization Fund
Higher Education Emergency Relief Fund (Strengthening Institutions Program) COVID-19, 84.425M 289,108 - 289,108
Initiative for Institutional Resilience and Expanded
Postsecondary Opportunity Program (IREPO) COVID-19, 84.425P 615,617 182,208 797,825
Total Education Stabilization Fund 904,725 182,208 1,086,933
U.S. Department of Education
TRiO Program - Student Support Services 84.042 239,794 19,275 259,069
Promoting Mental Health in Area Schools 84.184X 77,595 22,682 100,277
Total U.S. Department of Education 317,389 41,957 359,346
National Science Foundation
NSF - Stem 47.076 78,518 12,193 90,711
NSF - Robert Noyce Scholarship Program 47.076 119,257 - 119,257
Total National Science Foundation 197,775 12,193 209,968
U.S. Department of Justice
Grants to Reduce Domestic Violence, Dating Violence, Sexual Assault, 16.525 54,702 5,470 60,172
and Stalking on Campus
U.S. Department of Health and Human Services
HRSA - Health Resources and Services Administration 93.732 484,424 38,754 523,178
Appalachian Regional Development Act (ARDA)
ARC - INSPIRE Investments Supporting Partnerships in Recovery Ecosystem 23.002 26,152 (3,094) 23,058
Total Expenditures of Federal Awards $ 29,114,377 $ 277,488 $ 29,391,865