Title: 1) Basis of Presentation
Accounting Policies: The schedules are prepared on the accrual basis of accounting. Expenditures are recognized as incurred. The Universitys cost share amounts presented as a separate column within the schedules represents the Universitys matching portion related to those programs and such amounts are not included in the federal and state expenditures in the schedules. Negative amounts shown on the schedules 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 a predetermined indirect cost rate that has been negotiated with the Department of Health and Human Services. The predetermined rate was based on prior University financial information. Approxiomatley $6.7 million of indirect costs were reimbursed to the University for the year ended JUne 30, 2024.
The accompanying schedule of expenditures of federal awards and schedule of expenditures of state awards (the schedules) include the federal and state awards received by Marquette University (the University) under programs of the federal government and the State of Wisconsin for the fiscal year ended June 30, 2024.The schedule of expenditures of federal awards includes all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal government, and all subawards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. 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). 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. Compliance testing of all direct and material compliance requirements, as described in the Compliance Supplement, was performed for the federal grant programs noted below:Research and Development Cluster includes awards for research and development activities at the University sponsored by various agencies of the federal government.Student Financial Aid Cluster includes certain awards to provide financial assistance to students, primarily under the Federal Pell Grant (Pell), Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Direct Loan (FDL), and Federal Work Study (FWS) programs of the U.S. Department of Education. Under the Perkins Loan Program Extension Act of 2015, no Perkins Loan disbursement could be made to the graduate students after June 30, 2017 and undergraduate students after June 30, 2018.The administrative cost allowance charged to the Perkins Loan Program is based on disbursements, and no disbursements occurred during the year ended June 30, 2022. The University also receives other federal assistance from the U.S. Department of Health and Human Services and the U.S. Department of Education for certain other grant and loan programs.COVID-19 Education Stabilization Fund includes two awards to prevent, prepare for and respond to coronavirus, including Higher Education Emergency Relief Fund-Student Portion and Higher Education Emergency Relief Fund-Institutional Portion.COVID-19 Coronavirus Relief Fund The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) includes awards distributed to institutions of higher education in order to prevent, prepare for, and respond to coronavirus through the Higher Education Emergency Relief Fund (HEERF II). The CRRSAA requires that an institution receiving funding under provide the same amount in financial aid grants to students from the new CRRSAA funds that it was required or which it would have been required to provide under its original CARES Act Student Aid Portion award.In accordance with the criteria set forth in the State of Wisconsin State Single Audit Guidelines, the Academic Excellence Scholarship, Talent Incentive Program Grant and the Marquette University Dental Services Grant were considered major state programs for the year ended June 30, 2024.
Title: 2) Summary of Significant Accounting Policies
Accounting Policies: The schedules are prepared on the accrual basis of accounting. Expenditures are recognized as incurred. The Universitys cost share amounts presented as a separate column within the schedules represents the Universitys matching portion related to those programs and such amounts are not included in the federal and state expenditures in the schedules. Negative amounts shown on the schedules 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 a predetermined indirect cost rate that has been negotiated with the Department of Health and Human Services. The predetermined rate was based on prior University financial information. Approxiomatley $6.7 million of indirect costs were reimbursed to the University for the year ended JUne 30, 2024.
The schedules are prepared on the accrual basis of accounting. Expenditures are recognized as incurred. The Universitys cost share amounts presented as a separate column within the schedules represents the Universitys matching portion related to those programs and such amounts are not included in the federal and state expenditures in the schedules. Negative amounts shown on the schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: 3) Indirect Costs
Accounting Policies: The schedules are prepared on the accrual basis of accounting. Expenditures are recognized as incurred. The Universitys cost share amounts presented as a separate column within the schedules represents the Universitys matching portion related to those programs and such amounts are not included in the federal and state expenditures in the schedules. Negative amounts shown on the schedules 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 a predetermined indirect cost rate that has been negotiated with the Department of Health and Human Services. The predetermined rate was based on prior University financial information. Approxiomatley $6.7 million of indirect costs were reimbursed to the University for the year ended JUne 30, 2024.
The University has a predetermined indirect cost rate that has been negotiated with the Department of Health and Human Services. The predetermined rate was based on prior University financial information. Approxiomatley $6.7 million of indirect costs were reimbursed to the University for the year ended JUne 30, 2024.
Title: 4) Federal Student Loan Program
Accounting Policies: The schedules are prepared on the accrual basis of accounting. Expenditures are recognized as incurred. The Universitys cost share amounts presented as a separate column within the schedules represents the Universitys matching portion related to those programs and such amounts are not included in the federal and state expenditures in the schedules. Negative amounts shown on the schedules 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 a predetermined indirect cost rate that has been negotiated with the Department of Health and Human Services. The predetermined rate was based on prior University financial information. Approxiomatley $6.7 million of indirect costs were reimbursed to the University for the year ended JUne 30, 2024.
The federal student loan programs listed below are administered directly by Marquette University, and balances and transactions relating to these programs are included in Marquette Universitys 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 schedules. The balance of loans outstanding at June 30, 2024 consists of: See the notes to the SEFA for chart/table. The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan program, and accordingly, these loans are not included in its financial statements. It is not practical to determine the balance of loans outstanding to students and former students of the University under the direct loan program.
Title: 5) Settlement of Department of Health Services (DHS) Cost Reimbursement Awards
Accounting Policies: The schedules are prepared on the accrual basis of accounting. Expenditures are recognized as incurred. The Universitys cost share amounts presented as a separate column within the schedules represents the Universitys matching portion related to those programs and such amounts are not included in the federal and state expenditures in the schedules. Negative amounts shown on the schedules 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 a predetermined indirect cost rate that has been negotiated with the Department of Health and Human Services. The predetermined rate was based on prior University financial information. Approxiomatley $6.7 million of indirect costs were reimbursed to the University for the year ended JUne 30, 2024.
The Universitys settlement of DHS cost reimbursement awards presented in the Schedule of Expenditures of State Awards for the year ended June 30, 2024 are summarized as follows: See the notes to the SEFA for chart/table.
Title: schedule of expenditures of federal awards and schedule of expenditures of state awards
Accounting Policies: The schedules are prepared on the accrual basis of accounting. Expenditures are recognized as incurred. The Universitys cost share amounts presented as a separate column within the schedules represents the Universitys matching portion related to those programs and such amounts are not included in the federal and state expenditures in the schedules. Negative amounts shown on the schedules 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 a predetermined indirect cost rate that has been negotiated with the Department of Health and Human Services. The predetermined rate was based on prior University financial information. Approxiomatley $6.7 million of indirect costs were reimbursed to the University for the year ended JUne 30, 2024.
The accompanying schedule of expenditures of federal awards and schedule of expenditures of state awards (the schedules) include the federal and state awards received by Marquette University (the University) under programs of the federal government and the State of Wisconsin for the fiscal year ended June 30, 2024.The schedule of expenditures of federal awards includes all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal government, and all subawards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. 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). 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. Compliance testing of all direct and material compliance requirements, as described in the Compliance Supplement, was performed for the federal grant programs noted below:Research and Development Cluster includes awards for research and development activities at the University sponsored by various agencies of the federal government.Student Financial Aid Cluster includes certain awards to provide financial assistance to students, primarily under the Federal Pell Grant (Pell), Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Direct Loan (FDL), and Federal Work Study (FWS) programs of the U.S. Department of Education. Under the Perkins Loan Program Extension Act of 2015, no Perkins Loan disbursement could be made to the graduate students after June 30, 2017 and undergraduate students after June 30, 2018.The administrative cost allowance charged to the Perkins Loan Program is based on disbursements, and no disbursements occurred during the year ended June 30, 2022. The University also receives other federal assistance from the U.S. Department of Health and Human Services and the U.S. Department of Education for certain other grant and loan programs.COVID-19 Education Stabilization Fund includes two awards to prevent, prepare for and respond to coronavirus, including Higher Education Emergency Relief Fund-Student Portion and Higher Education Emergency Relief Fund-Institutional Portion.COVID-19 Coronavirus Relief Fund The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) includes awards distributed to institutions of higher education in order to prevent, prepare for, and respond to coronavirus through the Higher Education Emergency Relief Fund (HEERF II). The CRRSAA requires that an institution receiving funding under provide the same amount in financial aid grants to students from the new CRRSAA funds that it was required or which it would have been required to provide under its original CARES Act Student Aid Portion award.In accordance with the criteria set forth in the State of Wisconsin State Single Audit Guidelines, the Academic Excellence Scholarship, Talent Incentive Program Grant and the Marquette University Dental Services Grant were considered major state programs for the year ended June 30, 2024.