Title: Federal Student Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Loyola University New Orleans (the University) 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal direct programs are presented by Federal department and by individual Federal awards. Federal pass through programs are presented by the entity through which the University received the Federal financial assistance. Expenditures for Federal student financial aid programs are recognized as incurred and include Pell program grants to students, the Federal share of students FSEOG program grants and the Federal share of FWS program earnings, loan disbursements, and administrative cost allowances, where applicable. An administrative cost allowance associated with expenditures related to Federal Work Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the fiscal year ended July 31, 2022, the University processed new loans of 45,797,919 under the Federal Direct Student Loans, Assistance Listing 84.268. Under Federal Direct Student Loans, loans are provided to eligible borrowers and parents directly by the federal government. As of July 31, 2022, the total outstanding Perkins loan balance totaled $1,009,004; in accordance with the requirements of the Uniform Guidance 2021 Compliance Supplement, this amount of outstanding loans is reported in the Schedule. No new Perkins loans were processed during the fiscal year ended July 31, 2022.The HRSA Nurse Faculty Loan Program balance totaled $383,718. No new Nurse Faculty loans were processed during the fiscal year ended July 31, 2022.
Title: Other Awards
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Loyola University New Orleans (the University) 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal direct programs are presented by Federal department and by individual Federal awards. Federal pass through programs are presented by the entity through which the University received the Federal financial assistance. Expenditures for Federal student financial aid programs are recognized as incurred and include Pell program grants to students, the Federal share of students FSEOG program grants and the Federal share of FWS program earnings, loan disbursements, and administrative cost allowances, where applicable. An administrative cost allowance associated with expenditures related to Federal Work Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In 1999, the University received awards from the National Endowment for the Humanities NEH Challenge Grant in the amount of $500,000. Monies were used to establish an endowment and final payment was received in 2005. As of July 31, 2022, the $500,000 remains in the corpus of the endowment.
Title: Federally Funded Insurance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Loyola University New Orleans (the University) 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal direct programs are presented by Federal department and by individual Federal awards. Federal pass through programs are presented by the entity through which the University received the Federal financial assistance. Expenditures for Federal student financial aid programs are recognized as incurred and include Pell program grants to students, the Federal share of students FSEOG program grants and the Federal share of FWS program earnings, loan disbursements, and administrative cost allowances, where applicable. An administrative cost allowance associated with expenditures related to Federal Work Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University has no federally funded insurance for the year ended July 31, 2022
Title: Noncash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Loyola University New Orleans (the University) 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal direct programs are presented by Federal department and by individual Federal awards. Federal pass through programs are presented by the entity through which the University received the Federal financial assistance. Expenditures for Federal student financial aid programs are recognized as incurred and include Pell program grants to students, the Federal share of students FSEOG program grants and the Federal share of FWS program earnings, loan disbursements, and administrative cost allowances, where applicable. An administrative cost allowance associated with expenditures related to Federal Work Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University did not receive any federal non-cash assistance for the fiscal year ended July 31, 2022.