Notes to SEFA
Title: Federal Perkins Loan Program
Accounting Policies: Expenditures reported in the Schedules 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. Negative amounts shown on the Schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
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. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures in the schedule. The University fully liquidated its Perkins loan portfolio during the year ending June 30, 2022.
Title: Basis of presentation
Accounting Policies: Expenditures reported in the Schedules 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. Negative amounts shown on the Schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedules of expenditures of federal and state awards (the Schedules) includes federal and state award activity of Mount Mary University Inc. (the University) under programs of the federal and state government for the year ended June 30, 2022. The information in the Schedules is presented in accordance with the requirements of Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Guidelines. Because the Schedules present 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.