Notes to SEFA
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. Indirect costs allocated to federal awards for the year ended June 30, 2022 were based on predetermined fixed rates where applicable, and accordingly, the University has elected not to use the 10-percent de minimis indirect cost rate under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of MCPHS University (the University) 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the 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. The University includes loans granted under the Federal Direct Student Loan Program and other Federal campus based loan programs as expenditures of Federal awards.
Title: Federal Student Loan Programs
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. Indirect costs allocated to federal awards for the year ended June 30, 2022 were based on predetermined fixed rates where applicable, and accordingly, the University has elected not to use the 10-percent de minimis indirect cost rate under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Federal student loan programs listed subsequently are administered directly by the University and balances and transactions relating to these programs are included in the Universitys basic financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022 consists of: FEDERAL PERKINS LOAN PROGRAM (Assistance Listing Number: 84.038) - Balances outstanding at the end of the audit period were $1,575,667. HEALTH PROFESSIONS STUDENT LOAN PROGRAM (Assistance Listing Number: 93.342) - Balances outstanding at the end of the audit period were $6,646,226. NURSING STUDENT LOAN PROGRAM (Assistance Listing Number: 93.364) - Balances outstanding at the end of the audit period were $1,152,480.
Title: Higher Education Emergency Relief Fund
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. Indirect costs allocated to federal awards for the year ended June 30, 2022 were based on predetermined fixed rates where applicable, and accordingly, the University has elected not to use the 10-percent de minimis indirect cost rate under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University received funds for student and institutional purposes under the Higher Education Emergency Relief Fund (HEERF). These funds are administered directly by the University. Amounts awarded and expended for the year ended June 30, 2022 for both the student and institutional portion are included in federal expenditures presented in the Schedule. HEERF activity as of June 30, 2022 consists of: SEE FINANCIAL STATEMENTS FOR TABLE.