Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The amount of loans advanced during the year to students and parents under the Federal Direct Loan Program was $83,368,589. The University is responsible for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program. These distributions and the related funding sources are not included in the Universitys financial statements.The Federal Perkins Loan Program is administered directly by the University and balances and transactions related to this program are included in the Universitys basic financial statements. Loans outstanding at the beginning of the year, loans made during the year and the administrative cost allowance are included in the federal expenditures presented in the Schedule. Loans outstanding at June 30, 2022 under the revolving Federal Perkins Loan Program under Federal Assistance Listing number 84.038 totaled $5,489,624. There were no new loans awarded and no administrative cost allowance during the year ended June 30, 2022.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards and North Carolina State Awards (the Schedule) includes the federal award activity, as well as the award activity with the State of North Carolina, of Johnson & Wales University (the University) under programs of the federal government and the State of North Carolina for the year ended June 30, 2022. 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) and the State of North Carolina Needs-Based Scholarship Program. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University.For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University, and agencies and departments of the federal government and all subawards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.
Title: Reconciliation to Financial Statements - HEERF
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Higher Educational Emergency Relief Fund: Institutional Portion (ALN 84.425F): Revenue recognized in the financial statements for the year ended June 30, 2022 $18,241,787 2021 lost revenue which was recorded as revenue for the year ended June 30, 2022, however included in the Schedule for the year ended June 30, 2021. (18,241,787) Amount recognized in the Schedule $- Higher Educational Emergency Relief Fund: Strengthening Intuitions Program (ALN 84.425M): Revenue recognized in the financial statements for the year ended June 30, 2022 $1,619,565 2021 lost revenue which was recorded as revenue for the year ended June 30, 2022, however included in the Schedule for the year ended June 30, 2021. (1,619,565) Amount recognized in the Schedule $-
Title: Reconciliation to Financial Statements - COVID-19 Disaster Grants - Public
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures totaling $898,335 were incurred during the year ended June 30, 2021. The federal agency approved the Universitys application for reimbursement of these expenditures during the year ended June 30, 2022. As such the expenditures are included in the Schedule for the year ended June 30, 2022.
Title: Sub-recipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The University has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The University did not pass federal funds through to sub-recipients during the year ended June 30, 2022.