Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
the University and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Predetermined fixed facilities and administrative costs rates have been approved as follows:
Period Covered
From 7/1/2020 until
amended:
Based on Financial Information for fiscal year 2020
Predetermined rate - on campus 52.5%
Predetermined rate - off campus 25%
These rates are applied to direct salaries and wages, excluding all fringe benefit costs, for on-campus
programs.
The University does not utilize the 10% de Minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of
the University and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
Title: Federal Student Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
the University and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Predetermined fixed facilities and administrative costs rates have been approved as follows:
Period Covered
From 7/1/2020 until
amended:
Based on Financial Information for fiscal year 2020
Predetermined rate - on campus 52.5%
Predetermined rate - off campus 25%
These rates are applied to direct salaries and wages, excluding all fringe benefit costs, for on-campus
programs.
The University does not utilize the 10% de Minimis indirect cost rate.
The University is responsible for the performance of certain administrative duties with respect to the
Federal Direct Loan Program; accordingly, it is not practical to determine the balance of loans
outstanding to students and former students of the University under this program at June 30, 2023.
The following schedule represents loans outstanding and advanced by the University as of and for
the year ended June 30, 2023:
CFDA Advances
Department of Education:
Student Financial Aid Cluster
Federal Perkins Loan 84.038 $ 1,248,384
Federal Direct Loan Program 84.268 37,350,891
38,599,275
Department of Health and Human Services:
Student Nursing Loan Program 93.364 481,554
$39,080,829
Title: Facilities and Adminstrative Costs Rates
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
the University and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Predetermined fixed facilities and administrative costs rates have been approved as follows:
Period Covered
From 7/1/2020 until
amended:
Based on Financial Information for fiscal year 2020
Predetermined rate - on campus 52.5%
Predetermined rate - off campus 25%
These rates are applied to direct salaries and wages, excluding all fringe benefit costs, for on-campus
programs.
The University does not utilize the 10% de Minimis indirect cost rate.
Predetermined fixed facilities and administrative costs rates have been approved as follows:
Period Covered
From 7/1/2020 until
amended:
Based on Financial Information for fiscal year 2020
Predetermined rate - on campus 52.5%
Predetermined rate - off campus 25%
These rates are applied to direct salaries and wages, excluding all fringe benefit costs, for on-campus
programs.
The University does not utilize the 10% de Minimis indirect cost rate.