FAC Explorer

Audit 53859

FY End
2022-06-30
Total Expended
$15.00M
Findings
0
Programs
12
Organization: College of Saint Benedict (MN)
Year: 2022 Accepted: 2022-12-05
Auditor: Forvis LLP

Organization Exclusion Status:

Findings

No findings recorded

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $7.47M Yes 0
84.038 Federal Perkins Loan Program $2.66M Yes 0
84.425 Covid-19 Higher Education Emergency Relief Fund - Instution $2.00M Yes 0
84.063 Federal Pell Grant Program $1.56M Yes 0
84.033 Federal Work-Study Program $428,201 Yes 0
84.047 Trio_upward Bound $364,763 - 0
84.007 Federal Supplemental Educational Opportunity Grants $337,576 Yes 0
16.525 Grants to Reduce Domestic Violence, Dating Violence, Sexual Assault, and Stalking on Campus $108,040 - 0
84.016 Undergraduate International Studies and Foreign Language Programs $45,713 - 0
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $15,088 Yes 0
47.074 Biological Sciences $6,323 - 0
47.041 Engineering $4,014 - 0

Contacts

Name Title Type
XLE3V1NNJLK6 Stuart Perry Auditee
3203635388 Rick Wittgren Auditor
No contacts on file

Notes to SEFA

Title: Outstanding Loan Balances Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of College of Saint Benedict (College) 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 College of Saint Benedict, it is not intended to and does not present the financial position, changes in net assets or cash flows of College of Saint Benedict. De Minimis Rate Used: N Rate Explanation: 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. College of Saint Benedict has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The College also participates in the Federal Direct Loan Program. The dollar amounts are listed in the schedule of federal awards although the College is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. New loans processed for students during the year ended June 30, 2022 were as follows: 84.268 Subsidized $3,071,707, 84.268 Unsubsidized $3,271,743, 84.268 PLUS $1,128,345, Total $7,471,795. During the fiscal year ended June 30, 2022, the College processed no new loans under the Perkins Loan Program (Assistance Listing Number 84.038). At June 30, 2022, loans outstanding under the Perkins Loan Program were $2,036,219.