Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by DePaul University (the University) under programs sponsored by the federal government for the year ended June 30, 2022. For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government as well as federal awards passed through other non-profit organizations or governmental agencies in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Expenditures for federal award programs are recognized on the accrual basis of accounting. (a) Student Financial Assistance Program Cluster Includes certain awards to provide financial assistance to students, primarily under the Federal PellGrant Program, Federal Work-Study Program, Federal Supplemental Educational Opportunity Grants (FSEOG), and Teacher Education Assistance for College and Higher Education Grants (TEACH Grants) of the U.S. Department of Education. In addition, the University issues loans to students under the Federal Direct Student Loans Program, and services loans under the Federal Perkins Loan Program. (b) Higher Education Emergency Relief Fund (HEERF) The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), passed March 25, 2020, includes approximately $14.0 billion given to the Office of Postsecondary Education as the HEERF I.The Coronavirus Response and Relief Supplemental Appropriations Act, 2022 (CRRSAA), signed into law on December 27, 2020, authorizes $22.7 billion in support for education as the HEERF II. The American Rescue Plan (ARP), signed into law on March 11, 2021, provides $39.6 billion in support to institutions of higher education to serve students and ensure learning continues during the COVID-19 pandemic as part of the HEERF III. The objective of the HEERF program is to use HEERF grants to prevent, prepare for, and respond to coronavirus through grants to eligible institutions. In total, the University received $14,373,219 in HEERF I, $22,684,440 in HEERF II and $40,179,371 in HEERF III grant funds. Under the CARES Act, fifty percent of the amount awarded to the University must be reserved to provide students with emergency financial aid grants to help cover expenses related to the disruption of campus operations due to coronavirus (Student Aid Portion) and the remainder of which may be usedto cover any costs associated with significant changes to the delivery of instruction due to the coronavirus (Institutional Portion). The CRRSAA expanded the allowable uses for supplemental awards and new awards made under Section 314(a)(1) of the CRRSAA. The expanded use of funds authority also applies to unexpended HEERF I funds as of December 27, 2020. The ARP is largely a continuation of the CRRSAA subprograms but added two new required uses of HEERF III institutional portion grant funds: to implement evidence-based practices to monitor and suppress coronavirus in accordance with public health guidelines and to conduct direct outreach to financial aid applicants about the opportunity to receive a financial aid adjustment due to the recent unemployment of a family member or independent student, or other circumstances."
De Minimis Rate Used: N
Rate Explanation: The University recovers indirect costs under agreements with various U.S. departments and agencies. The University recovered $1,288,362 in indirect costs for the year ended June 30, 2022, under variouspredetermined indirect cost rates for its programs. The University does not use the 10-percent de minimisindirect cost rate as allowed under the Uniform Guidance because the University has a negotiated indirectcost rate agreement.
The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to these programs are included in the Universitys financial statements. The balance of loans outstanding under the Federal Perkins Loan Program was approximately $4,728,752 and $5,955,926 for the years ended June 30, 2022 and 2021, respectively. There were no new loans issued or administrative costs charged for the year ended June 30, 2022. The University is responsible for the performance of certain administrative duties with respect to the federally guaranteed loan programs, and accordingly, these loans are not included in its financial statements. It is not practical to determine the balance of loans outstanding to students and formerstudents of the University under these programs at June 30, 2022.
Title: Federal Student Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by DePaul University (the University) under programs sponsored by the federal government for the year ended June 30, 2022. For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government as well as federal awards passed through other non-profit organizations or governmental agencies in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Expenditures for federal award programs are recognized on the accrual basis of accounting. (a) Student Financial Assistance Program Cluster Includes certain awards to provide financial assistance to students, primarily under the Federal PellGrant Program, Federal Work-Study Program, Federal Supplemental Educational Opportunity Grants (FSEOG), and Teacher Education Assistance for College and Higher Education Grants (TEACH Grants) of the U.S. Department of Education. In addition, the University issues loans to students under the Federal Direct Student Loans Program, and services loans under the Federal Perkins Loan Program. (b) Higher Education Emergency Relief Fund (HEERF) The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), passed March 25, 2020, includes approximately $14.0 billion given to the Office of Postsecondary Education as the HEERF I.The Coronavirus Response and Relief Supplemental Appropriations Act, 2022 (CRRSAA), signed into law on December 27, 2020, authorizes $22.7 billion in support for education as the HEERF II. The American Rescue Plan (ARP), signed into law on March 11, 2021, provides $39.6 billion in support to institutions of higher education to serve students and ensure learning continues during the COVID-19 pandemic as part of the HEERF III. The objective of the HEERF program is to use HEERF grants to prevent, prepare for, and respond to coronavirus through grants to eligible institutions. In total, the University received $14,373,219 in HEERF I, $22,684,440 in HEERF II and $40,179,371 in HEERF III grant funds. Under the CARES Act, fifty percent of the amount awarded to the University must be reserved to provide students with emergency financial aid grants to help cover expenses related to the disruption of campus operations due to coronavirus (Student Aid Portion) and the remainder of which may be usedto cover any costs associated with significant changes to the delivery of instruction due to the coronavirus (Institutional Portion). The CRRSAA expanded the allowable uses for supplemental awards and new awards made under Section 314(a)(1) of the CRRSAA. The expanded use of funds authority also applies to unexpended HEERF I funds as of December 27, 2020. The ARP is largely a continuation of the CRRSAA subprograms but added two new required uses of HEERF III institutional portion grant funds: to implement evidence-based practices to monitor and suppress coronavirus in accordance with public health guidelines and to conduct direct outreach to financial aid applicants about the opportunity to receive a financial aid adjustment due to the recent unemployment of a family member or independent student, or other circumstances."
De Minimis Rate Used: N
Rate Explanation: The University recovers indirect costs under agreements with various U.S. departments and agencies. The University recovered $1,288,362 in indirect costs for the year ended June 30, 2022, under variouspredetermined indirect cost rates for its programs. The University does not use the 10-percent de minimisindirect cost rate as allowed under the Uniform Guidance because the University has a negotiated indirectcost rate agreement.
Loans made by the University to eligible students under the Federal Direct Loan Program during the year ended June 30, 2022 totaled $172,158,626, consisting of the following: Federal Direct Subsidized Loans issued $23,528,399, Federal Direct Unsubsidized Loans issued $82,428,635, and Federal Direct Parents Loans issued $66,201,592.
Title: Noncash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal awards expended by DePaul University (the University) under programs sponsored by the federal government for the year ended June 30, 2022. For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government as well as federal awards passed through other non-profit organizations or governmental agencies in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Expenditures for federal award programs are recognized on the accrual basis of accounting. (a) Student Financial Assistance Program Cluster Includes certain awards to provide financial assistance to students, primarily under the Federal PellGrant Program, Federal Work-Study Program, Federal Supplemental Educational Opportunity Grants (FSEOG), and Teacher Education Assistance for College and Higher Education Grants (TEACH Grants) of the U.S. Department of Education. In addition, the University issues loans to students under the Federal Direct Student Loans Program, and services loans under the Federal Perkins Loan Program. (b) Higher Education Emergency Relief Fund (HEERF) The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), passed March 25, 2020, includes approximately $14.0 billion given to the Office of Postsecondary Education as the HEERF I.The Coronavirus Response and Relief Supplemental Appropriations Act, 2022 (CRRSAA), signed into law on December 27, 2020, authorizes $22.7 billion in support for education as the HEERF II. The American Rescue Plan (ARP), signed into law on March 11, 2021, provides $39.6 billion in support to institutions of higher education to serve students and ensure learning continues during the COVID-19 pandemic as part of the HEERF III. The objective of the HEERF program is to use HEERF grants to prevent, prepare for, and respond to coronavirus through grants to eligible institutions. In total, the University received $14,373,219 in HEERF I, $22,684,440 in HEERF II and $40,179,371 in HEERF III grant funds. Under the CARES Act, fifty percent of the amount awarded to the University must be reserved to provide students with emergency financial aid grants to help cover expenses related to the disruption of campus operations due to coronavirus (Student Aid Portion) and the remainder of which may be usedto cover any costs associated with significant changes to the delivery of instruction due to the coronavirus (Institutional Portion). The CRRSAA expanded the allowable uses for supplemental awards and new awards made under Section 314(a)(1) of the CRRSAA. The expanded use of funds authority also applies to unexpended HEERF I funds as of December 27, 2020. The ARP is largely a continuation of the CRRSAA subprograms but added two new required uses of HEERF III institutional portion grant funds: to implement evidence-based practices to monitor and suppress coronavirus in accordance with public health guidelines and to conduct direct outreach to financial aid applicants about the opportunity to receive a financial aid adjustment due to the recent unemployment of a family member or independent student, or other circumstances."
De Minimis Rate Used: N
Rate Explanation: The University recovers indirect costs under agreements with various U.S. departments and agencies. The University recovered $1,288,362 in indirect costs for the year ended June 30, 2022, under variouspredetermined indirect cost rates for its programs. The University does not use the 10-percent de minimisindirect cost rate as allowed under the Uniform Guidance because the University has a negotiated indirectcost rate agreement.
The University had no noncash assistance awarded or expended for the year ended June 30, 2022.