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.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Assumption University (the University) under programs of the Federal government for the year ended May 31, 2023. The information in this Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations (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.
The University includes loans granted under the Federal Perkins Loan Program and Federal Direct Student Loans Program as expenditures of Federal awards.
Title: Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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.
Title: Indirect Cost Rate
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.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Federal 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 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 University has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal student loan program listed below is administered directly by the University and balances and transactions relating to this program are included in the University’s basic financial statements. Loans outstanding at the beginning of the year, the administrative cost allowance, and loans made during the year are included in the Federal expenditures presented in the Schedule. The balance of loans outstanding at May 31, 2023 consists of: Federal Perkins Loan; 84.038; $731,596. The Federal Perkins Loan program expired on September 30, 2017. As such, there were no new loans issued or administrative cost allowance claimed under the program for the year ended May 31, 2023. There was no federal capital contribution or University match during the current year.
Title: Federal Direct Loans
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.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University distributed $15,768,197 of federally guaranteed loans to students of the University through the Federal Direct Loan Program (ALN 84.268), which includes Direct Subsidized and Unsubsidized Loans, and Direct Parent Loans for Undergraduate Students. These distributions and the related funding sources are not included in the University’s financial statements.