Title: WILLIAM D. FORD FEDERAL DIRECT LOAN PROGRAM
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lincoln University of the Commonwealth System of Higher Education, Inc. under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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. BASIS OF PRESENTATION Expenditures reported on the accompanying Schedule for the year ended June 30, 2022, are presented 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
he University participates in the Federal Direct Loan Program (CFDA No. 84.268). During the year ended June 30, 2022, the University disbursed to students the following amount of new loans under the Federal Direct Loan Program: Amount Expended Stafford Loans $5,392,262 Unsubsidized Loans 6,268,618 Plus Loans 6,613,245 Total $18,274,125
Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lincoln University of the Commonwealth System of Higher Education, Inc. under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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. BASIS OF PRESENTATION Expenditures reported on the accompanying Schedule for the year ended June 30, 2022, are presented 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: N
Rate Explanation: The auditee did not use the de minimis 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 Universitys basic financial statements. The Federal Perkins Loan Program ended on September 30, 2017, with final disbursements permitted through June 30, 2018. The Universitys portion of the loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Federal Perkins loans outstanding as of June 30, 2022 totaled $1,285,004.
Title: FACILITIES AND ADMINISTRATIVE COST
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lincoln University of the Commonwealth System of Higher Education, Inc. under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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. BASIS OF PRESENTATION Expenditures reported on the accompanying Schedule for the year ended June 30, 2022, are presented 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University has negotiated facilities and administrative cost rates for use on federal grants, contracts, and other agreements with the federal government. The negotiated predetermined rates are 55% on-campus and 20% off-campus, and are effective from July 1, 2016, through June 30, 2021. After June 30, 2021, the provisional rates of 55% on campus and 20% off campus will apply until amended.