Title: FEDERAL LOAN PROGRAMS
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (the “Schedule”) is to present details of the activities of Duquesne University of the Holy Spirit (the “University”) which have been financed by the U.S. Government for the year ended June 30, 2024.
Because the Schedule presents only a selected portion of the activities of the University, it is not intended to and does not present either the financial position, changes in net assets, or cash flows of the University.
The Schedule is prepared on the accrual basis of accounting.
Negative expenditures detailed in the Schedule result from current-year adjustments to prior-year award amounts.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The University receives significant financial assistance from the U.S. Government, including the sponsorship of federal research projects. Research grants and contracts normally provide for the recovery of direct and indirect costs. Recovery of the related indirect costs is generally recorded at predetermined rates negotiated with the federal government. Entitlement to these resources for the recovery of the applicable direct and related indirect costs is generally conditioned upon compliance with the terms and conditions of the grant agreements and applicable federal regulations, including the expenditure of the resources for eligible purposes. Substantially all grants and the University’s indirect cost rate are subject to financial and compliance reviews and audits by the grantors. In management’s opinion, the likelihood of an adverse material outcome on the University’s financial position from those reviews and audits is remote. The University has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Loan balances receivable from students under federal programs are as follows at June 30, 2024:
Federal Assistance Listing Number Amount
Federal Perkins Loan Program 84.038 $1,237,934
Nursing Student Loan Program 93.364 $653,463
Health Professions Student Loan Program 93.342 $1,194,820
Nursing Faculty Loan Program 93.264 $2,481,609
$ 5,567,826
Title: LOAN PROGRAMS
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (the “Schedule”) is to present details of the activities of Duquesne University of the Holy Spirit (the “University”) which have been financed by the U.S. Government for the year ended June 30, 2024.
Because the Schedule presents only a selected portion of the activities of the University, it is not intended to and does not present either the financial position, changes in net assets, or cash flows of the University.
The Schedule is prepared on the accrual basis of accounting.
Negative expenditures detailed in the Schedule result from current-year adjustments to prior-year award amounts.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The University receives significant financial assistance from the U.S. Government, including the sponsorship of federal research projects. Research grants and contracts normally provide for the recovery of direct and indirect costs. Recovery of the related indirect costs is generally recorded at predetermined rates negotiated with the federal government. Entitlement to these resources for the recovery of the applicable direct and related indirect costs is generally conditioned upon compliance with the terms and conditions of the grant agreements and applicable federal regulations, including the expenditure of the resources for eligible purposes. Substantially all grants and the University’s indirect cost rate are subject to financial and compliance reviews and audits by the grantors. In management’s opinion, the likelihood of an adverse material outcome on the University’s financial position from those reviews and audits is remote. The University has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The University is responsible for the performance of certain administrative duties under the Direct Loan program, including origination and disbursement of loans. It is not practical to estimate the outstanding balance of loans under this program.
During the fiscal year ended June 30, 2024, the University processed the following amount of new direct loans:
Amount
Direct Loans - Stafford/PLUS/Unsubsidized Loans:
Stafford Subsidized $11,037,629
Stafford Unsubsidized $37,115,441
Parent PLUS $30,102,243
Graduate PLUS $22,588,890
Total $ 100,844,203
Title: PAYMENTS TO SUBRECIPIENTS
Accounting Policies: The purpose of the Schedule of Expenditures of Federal Awards (the “Schedule”) is to present details of the activities of Duquesne University of the Holy Spirit (the “University”) which have been financed by the U.S. Government for the year ended June 30, 2024.
Because the Schedule presents only a selected portion of the activities of the University, it is not intended to and does not present either the financial position, changes in net assets, or cash flows of the University.
The Schedule is prepared on the accrual basis of accounting.
Negative expenditures detailed in the Schedule result from current-year adjustments to prior-year award amounts.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The University receives significant financial assistance from the U.S. Government, including the sponsorship of federal research projects. Research grants and contracts normally provide for the recovery of direct and indirect costs. Recovery of the related indirect costs is generally recorded at predetermined rates negotiated with the federal government. Entitlement to these resources for the recovery of the applicable direct and related indirect costs is generally conditioned upon compliance with the terms and conditions of the grant agreements and applicable federal regulations, including the expenditure of the resources for eligible purposes. Substantially all grants and the University’s indirect cost rate are subject to financial and compliance reviews and audits by the grantors. In management’s opinion, the likelihood of an adverse material outcome on the University’s financial position from those reviews and audits is remote. The University has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Subrecipients
Certain funds are passed through to subgrantee organizations by the University. Expenditures incurred by the subgrantees and reimbursed by the University are included in the Schedule.
The University is also the subrecipient of federal funds, which have been reported as expenditures and listed as federal pass-through funds.
Payments of federal funds to subrecipients for the year ended June 30, 2024, were as follows:
Subrecipient Grant Description Federal Assistance Listing Number Grant # Amount
Atrium Health Wake Forest Baptist USDOD - Janjic 12.800 FA8650-20-2-6224 $24,163
Atrium Health Wake Forest Baptist USDOD - Janjic 12.420 W81XWH2010276 $25,594
Atrium Health Wake Forest Baptist USDOD - Janjic/Porter 12.420 W81XWH2010854 $65,342
Atrium Health Wake Forest Baptist USDOD-Manickam 12.420 HT94252310218 $41,973
Franciscan University of Steubenville NIH-Montgomery 93.859 R15GM148917 $33,443
University of Pittsburgh NIH-Leak 93.853 R15NS130532 $47,902
University of Pennsylvania NIH-Neilan 93.853 AWD00007319 $11,769
Total payments to subrecipients $250,186