Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Bellarmine University (the University) for the year ended May 31, 2023 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 (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Predetermined fixed facilities and administrative costs rates have been approved as follows:
Period Covered From 6/1/2020 to 5/31/2024
Based on Financial Information for fiscal year 2022
Predetermined rate – on campus 27.70%
Predetermined rate – off campus 15.10%
These rates are applied to modified total direct costs (as defined by the agreement) for on-campus
programs. The University does not utilize the 10% de Minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Bellarmine University (the University) for the year ended May 31, 2023 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 (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements.
Title: Federal Student Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Bellarmine University (the University) for the year ended May 31, 2023 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 (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Predetermined fixed facilities and administrative costs rates have been approved as follows:
Period Covered From 6/1/2020 to 5/31/2024
Based on Financial Information for fiscal year 2022
Predetermined rate – on campus 27.70%
Predetermined rate – off campus 15.10%
These rates are applied to modified total direct costs (as defined by the agreement) for on-campus
programs. The University does not utilize the 10% de Minimis indirect cost rate.
The Federal Perkins Loan Program is administered directly by the University and balances and
transactions relating to this program are included in the University's financial statements. Total
cumulative loans outstanding from the Federal Perkins Loan Program of $111,025 are included in
the accompanying schedule of expenditures of federal awards. No new loans were awarded and
disbursed for the year ended May 31, 2023. There were no allowable expenditures under the
Federal Perkins Loan Program for the year ended May 31, 2023.
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 the financial
statements of the University. It is not practical to determine the balance of loans outstanding to
students and former students of the University under this program as of May 31, 2023. The current
expenditures under the Federal Direct Loan Program of $21,546,671 are included in the
accompanying schedule of expenditures of federal awards.
Title: Facilities and Administrative Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Bellarmine University (the University) for the year ended May 31, 2023 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 (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Predetermined fixed facilities and administrative costs rates have been approved as follows:
Period Covered From 6/1/2020 to 5/31/2024
Based on Financial Information for fiscal year 2022
Predetermined rate – on campus 27.70%
Predetermined rate – off campus 15.10%
These rates are applied to modified total direct costs (as defined by the agreement) for on-campus
programs. The University does not utilize the 10% de Minimis indirect cost rate.
Predetermined fixed facilities and administrative costs rates have been approved as follows:
Period Covered From 6/1/2020 to 5/31/2024
Based on Financial Information for fiscal year 2022
Predetermined rate – on campus 27.70%
Predetermined rate – off campus 15.10%
These rates are applied to modified total direct costs (as defined by the agreement) for on-campus
programs. The University does not utilize the 10% de Minimis indirect cost rate.