Audit 5321

Title: Note 5 - Federal Loan Programs Accounting Policies: The schedule of expenditure of federal awards (the Schedule) presents expenditures for all federal programs that were in effect during the year ended May 31, 2023. Expenditures are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. 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, Costs Principles, and Audit Requirements of Federal Awards (Uniform Guidance). The Schedule reflects federal expenditures for all individual grants that were active during the year. The categorization of expenditures by program included in the Schedule is based on the Assistance Listing Number (ALN). De Minimis Rate Used: N Rate Explanation: Trinity University uses the applicable federally negotiated indirect cost rate and has elected not to use the 10% de minimus indirect costs rate allowed under the Uniform Guidance. The Perkins loan program expired on September 30, 2017. No additional disbursements were permitted after June 30, 2018. The University has elected to keep servicing the outstanding loans and remit excess cash (as defined) annually. The University is permitted to keep the institutional capital contribution amount and repurpose those funds. The total Federal Perkins loans receivable at May 31, 2023 is $1,437,780. The Secretary of Education makes disbursements to students and parents for the Federal Direct Student Loans based on eligibility as determined by the University. This program is not administered directly by the university and is presented in the Schedule as the amount of new loans made during the fiscal year ending May 31, 2023 according to 200.502(c) of the Uniform Guidance.