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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.
De Minimis Rate Used: N
Rate Explanation: Denison University has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Denison University and subsidiaries 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Denison University and subsidiaries, it is not intended to and does not present the financial position, changes in net assets or cash flows of Denison University and subsidiaries.
Title: Perkins Student Loan Program
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.
De Minimis Rate Used: N
Rate Explanation: Denison University has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Outstanding loan balance under the Perkins Loan Program was $844,866 as of June 30, 2022.