Title: Note 1: Basis of Presentation
Accounting Policies: Expenditures for Federal student financial aid programs are recognized as incurred and include Pell
program grants to students, the Federal share of students’ FSEOG program grants and the Federal
share of FWS program earnings, loan disbursements, and administrative cost allowances, where
applicable. An administrative cost allowance associated with expenditures related to Federal Work
Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: Y
Rate Explanation: The University utilizes the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal
grant activity of Loyola University New Orleans (the University) under programs of the federal
government for the year ended July 31, 2024 and is presented on the accrual basis of accounting.
The information in this 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). Federal direct programs are presented by
Federal department and by individual Federal awards. Federal pass through programs are presented
by the entity through which the University received the Federal financial assistance.
Title: Note 4: Federal Student Loan Programs
Accounting Policies: Expenditures for Federal student financial aid programs are recognized as incurred and include Pell
program grants to students, the Federal share of students’ FSEOG program grants and the Federal
share of FWS program earnings, loan disbursements, and administrative cost allowances, where
applicable. An administrative cost allowance associated with expenditures related to Federal Work
Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: Y
Rate Explanation: The University utilizes the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
During the fiscal year ended July 31, 2024, the University processed new loans of $46,373,034 under
the Federal Direct Student Loans, Assistance Listing 84.268. Under Federal Direct Student Loans,
loans are provided to eligible borrowers and parents directly by the Federal government.
Title: Note 5: Amount Recevied for Expenditures in a Prior Year
Accounting Policies: Expenditures for Federal student financial aid programs are recognized as incurred and include Pell
program grants to students, the Federal share of students’ FSEOG program grants and the Federal
share of FWS program earnings, loan disbursements, and administrative cost allowances, where
applicable. An administrative cost allowance associated with expenditures related to Federal Work
Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: Y
Rate Explanation: The University utilizes the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Revenue was reported from the following grant program for amounts expended in prior years, but
not obligated until the current year. These amounts received have not been reported on a previous
Schedule of Federal Expenditures.
Federal Grantor/Program or Cluster
Title
ALN Amount
Reported
2024 Federal
Expenditures
PY Federal
Expenditures
Department of Homeland Security:
Disaster Assistance - Hurricane Ida 97.036 $160,401 - $160,401
Title: Note 6: Federally Funded Insurance
Accounting Policies: Expenditures for Federal student financial aid programs are recognized as incurred and include Pell
program grants to students, the Federal share of students’ FSEOG program grants and the Federal
share of FWS program earnings, loan disbursements, and administrative cost allowances, where
applicable. An administrative cost allowance associated with expenditures related to Federal Work
Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: Y
Rate Explanation: The University utilizes the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The University has no federally funded insurance for the year ended July 31, 2024.
Title: Note 7: Noncash Assistance
Accounting Policies: Expenditures for Federal student financial aid programs are recognized as incurred and include Pell
program grants to students, the Federal share of students’ FSEOG program grants and the Federal
share of FWS program earnings, loan disbursements, and administrative cost allowances, where
applicable. An administrative cost allowance associated with expenditures related to Federal Work
Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: Y
Rate Explanation: The University utilizes the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The University did not receive any federal non‐cash assistance for the fiscal year ended July 31, 2024.