Title: Note F - Sub-recipients
Accounting Policies: All federal grant operations of Elon University (the University) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the schedule, the University provided $44,715 in federal awards to subrecipients. The University provided $44,715 from the National Institute of Health Aging Research (Assistance Listing #93.866) awards to North Carolina A&T State University.
Title: Note G - Indirect Cost Rate
Accounting Policies: All federal grant operations of Elon University (the University) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note E - Matching
Accounting Policies: All federal grant operations of Elon University (the University) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Under the Federal Supplemental Educational Opportunity Grant and Federal Work-Study Programs, the University matched $74,835 and $151,598, respectively, in funds awarded to students for the year ended May 31, 2022 in addition to the federal share of expenditures included in the accompanying schedule.
Title: Note D - Federal Direct Student Loan Program (FDSLP)
Accounting Policies: All federal grant operations of Elon University (the University) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Students were disbursed proceeds from FDSLP loans totaling $50,255,402 from the U.S. Department of Education during the year ended May 31, 2022. The University is responsible only for the performance of certain administrative duties with respect to the FDSLP program and, accordingly, these loans are not included in the Universitys consolidated financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the University under this program as of May 31, 2022.
Title: Note B: Summary of Significant Accounting Policies
Accounting Policies: All federal grant operations of Elon University (the University) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes all federal grant activity of the University under programs of the federal government for the year ended May 31, 2022. The Schedule has been prepared on the accrual basis of accounting. Expenditures for federal programs are recognized as incurred. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the consolidated financial statements.The Universitys largest federal program is the Student Financial Assistance Cluster. Student Financial Assistance includes certain awards to provide financial aid to students, primarily under the Federal Pell Grant Program (Pell), Federal Supplemental Educational Opportunity Grant (FSEOG), and Federal Work-Study (FWS) programs of the U.S. Department of Education. The University also determines eligibility for awards to make loans to eligible students under the Federal Direct Student Loan Program (Federal Subsidized Stafford Student Loans, Federal Unsubsidized Stafford Student Loans, FederalGRAD PLUS and Federal Parent Loans for Undergraduate Students) (collectively, FDSLP), which are issued to students and parents of students by the U.S. Department of Education.
Title: Note C - Federal Perkins Student Loan Program
Accounting Policies: All federal grant operations of Elon University (the University) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The balance of loans outstanding to the University related to the Federal Perkins Student Loan Program (FPLP) was $1,025,500, including an allowance for doubtful accounts of $40,000 as of May 31, 2022. There were no funds disbursed during the year ended May 31, 2022.