Title: Loan/loan guarantee outstanding balances
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, 2022.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 managements 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 percent de minimus indirect cost rate allowed under the Uniform Guidance.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 2,812,375. NURSE FACULTY LOAN PROGRAM (NFLP) (93.264) - Balances outstanding at the end of the audit period were 2,650,944. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 692,603. HEALTH PROFESSIONS STUDENT LOANS, INCLUDING PRIMARY CARE LOANS/LOANS FOR DISADVANTAGED STUDENTS (93.342) - Balances outstanding at the end of the audit period were 1,431,384.
Title: NOTE D - 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, 2022.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 managements 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 percent de minimus indirect cost rate allowed under the Uniform Guidance.
During the fiscal year ended June 30, 2022, the University processed the following amount of new direct loans: Amount Direct Loans - Stafford/PLUS/Unsubsidized Loans: Stafford Subsidized $ 10,839,477 Stafford Unsubsidized 39,304,816 Parent PLUS 26,858,423Graduate PLUS 15,905,283 Total $ 92,907,999
Title: NOTE E - 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, 2022.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 managements 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 percent 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, 2022 were as follows: Subrecipient Grant Description Federal Assistance Listing Number Grant # Amount The University of Texas at Dallas NIH - Kolber 93.853 1R25WS100118-03 $ 6,387University of Delaware USDOE - Harbourne 84.324A R324A150103-18 147,218 University of Washington USDOE - Harbourne 84.324A R324A150103-18 20,344University of Nebraska Lincoln USDOE - Harbourne 84.324A R324A150103-18 94,133Virginia Commonwealth University USDOE - Harbourne 84.324A R324A150103-18 92,481University of Nebraska Medical Center USDOE - Harbourne 84.324A R324A150103-18 20,091University of Southern California USDOE - Harbourne 84.324A R324A150103-18 89,778Wake Forest University Health Sciences USDOD - Janjic 12.420 W81XWH2010276 14,001Wake Forest University Health Sciences USDOD - Janjic 12.420 FA8650-20-C-6215 18,695Wake Forest University Health Sciences USDOD - Janjic 12.420 W81XWH2010854 898Wake Forest University Health Sciences USDOD Janjic/Porter 12.800 FA8650-20-2-6224 32,620The University of Texas at Dallas NIH Kolber/Tidgewell 93.213 R15AT008060-02 70,336University of Pennsylvania NIH - Leak 93.853 1R21NS107960-02 2,498University of Pittsburgh NIH - Leak 93.853 1R21NS112671-01A1 5,252University of Pennsylvania NIH - Leak 93.853 1R21NS112671-01A1 22,067University of Venda USAID Foreign Assistance for Programs Overseas 98.0001 72067419FA00001 111,274Rensselaer Polytechnic Institute USAID Foreign Assistance for Programs Overseas 98.0001 72067419FA00001 136,472Total payments to subrecipients $ 884,545