Notes to SEFA
Title: Nurse Faculty Loan Program
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Madonna University (University) under programs of the federal government for the year ended June 30, 2024. The accompanying notes are an integral part of this Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, lJniform Administrative Requiremenfs, Cosf 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.
Summary of Significant 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 expenditu res are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The University participates in the Nurse Faculty Loan Program through the Department of Health and Human Services. This loan program is administered by a third party and is considered a revolving loan program where collections received on past loans, including interest, and new funds received from federal agencies are loaned out to current students. The outstanding balance of this loan program at June 30, 2024 is $233,229.
Title: Subrecipients
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Madonna University (University) under programs of the federal government for the year ended June 30, 2024. The accompanying notes are an integral part of this Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, lJniform Administrative Requiremenfs, Cosf 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.
Summary of Significant 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 expenditu res are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
There were no subrecipients during the year ended June 30, 2024.