Title: (1) Basis of Presentation
Accounting Policies: (1) Basis of Presentation The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Providence College (the College) under programs of the federal government for the year ended June 30, 2024. The information in the Schedule 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 the Schedule may differ from amounts presented in, or used in, the preparation of the financial statements. The College did not pass through any amounts to sub-recipients for the year ended June 30, 2023. 2) Summary of Significant Accounting Policies for Federal Award Expenditures The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursement when applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. eimbursement of indirect costs relating to the College’s research and development program is based on a negotiated predetermined indirect cost rate. For the year ended June 30, 2023, the College utilized an approved indirect cost rate of 39% based on modified total direct costs.
The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Providence College (the College) under programs of the federal government for the year ended June 30, 2024. The information in the Schedule 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 the Schedule may differ from amounts presented in, or used in, the preparation of the financial statements. The College did not pass through any amounts to sub-recipients for the year
ended June 30, 2024.
Title: (2) Summary of Significant Accounting Policies for Federal Award Expenditures
Accounting Policies: (1) Basis of Presentation The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Providence College (the College) under programs of the federal government for the year ended June 30, 2024. The information in the Schedule 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 the Schedule may differ from amounts presented in, or used in, the preparation of the financial statements. The College did not pass through any amounts to sub-recipients for the year ended June 30, 2023. 2) Summary of Significant Accounting Policies for Federal Award Expenditures The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursement when applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. eimbursement of indirect costs relating to the College’s research and development program is based on a negotiated predetermined indirect cost rate. For the year ended June 30, 2023, the College utilized an approved indirect cost rate of 39% based on modified total direct costs.
The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursement when applicable.
Title: (3) Federal Perkins Loan Program
Accounting Policies: (1) Basis of Presentation The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Providence College (the College) under programs of the federal government for the year ended June 30, 2024. The information in the Schedule 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 the Schedule may differ from amounts presented in, or used in, the preparation of the financial statements. The College did not pass through any amounts to sub-recipients for the year ended June 30, 2023. 2) Summary of Significant Accounting Policies for Federal Award Expenditures The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursement when applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. eimbursement of indirect costs relating to the College’s research and development program is based on a negotiated predetermined indirect cost rate. For the year ended June 30, 2023, the College utilized an approved indirect cost rate of 39% based on modified total direct costs.
Under federal law, the authority for schools to make new loans under the Federal Perkins Loan Program ended on September 30, 2017, and final disbursements were permitted through June 30, 2018. The outstanding loan balance as of June 30, 2024 was $769,588. The amount reported on the Schedule of
Expenditures of Federal Awards represents the outstanding loan balance of $1,395,097 as of June 30, 2023.
Title: (4) Federal Direct Loan Program
Accounting Policies: (1) Basis of Presentation The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Providence College (the College) under programs of the federal government for the year ended June 30, 2024. The information in the Schedule 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 the Schedule may differ from amounts presented in, or used in, the preparation of the financial statements. The College did not pass through any amounts to sub-recipients for the year ended June 30, 2023. 2) Summary of Significant Accounting Policies for Federal Award Expenditures The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursement when applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. eimbursement of indirect costs relating to the College’s research and development program is based on a negotiated predetermined indirect cost rate. For the year ended June 30, 2023, the College utilized an approved indirect cost rate of 39% based on modified total direct costs.
The College made $26,698,982 of loans under the Federal Direct Loan Program, which includes Direct Subsidized and Unsubsidized Loans and Direct Parents’ Loans for Undergraduate Students. The College is responsible only for the performance of certain administrative duties and, accordingly, these loans are not included in the College’s financial statements. It is not practical to determine the balances of loans outstanding to students of the College under this program as of June 30, 2024.
Title: (5) Indirect Costs
Accounting Policies: (1) Basis of Presentation The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Providence College (the College) under programs of the federal government for the year ended June 30, 2024. The information in the Schedule 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 the Schedule may differ from amounts presented in, or used in, the preparation of the financial statements. The College did not pass through any amounts to sub-recipients for the year ended June 30, 2023. 2) Summary of Significant Accounting Policies for Federal Award Expenditures The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursement when applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. eimbursement of indirect costs relating to the College’s research and development program is based on a negotiated predetermined indirect cost rate. For the year ended June 30, 2023, the College utilized an approved indirect cost rate of 39% based on modified total direct costs.
Reimbursement of indirect costs relating to the College’s research and development program is based on a negotiated predetermined indirect cost rate. For the year ended June 30, 2024, the College utilized an approved indirect cost rate of 42.1% based on modified total direct costs