Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedules of Expenditures of Federal and State Awards include the federalgrant and state grant activity of Cardinal Stritch University, Inc. and is presented on the accrualbasis of accounting. The information in these schedules are presented in accordance with therequirements of the Uniform Guidance and the Wisconsin State Single Audit Guidelines.Therefore, some amounts presented in these schedules may differ from amounts presented in, orused in the preparation of, the financial statements.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance.Under these principles, certain types of expenditures are not allowable or are limited as toreimbursement. Negative amounts shown on the Schedule represent adjustments or creditsmade in the normal course of business to amounts reported as expenditures in prior years.Federal and State awards include all grants, contracts, loans, and loan guarantee agreementsentered into directly between the University and agencies and departments of the federal andstate governments and all awards to the University by other organizations pursuant to federal andstate grants, contracts, and similar agreements. The Schedules summarize expenditures byprimary federal and state funding agencies.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 344485.