Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. As a result of these principles, some expenditures presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: For the year ended May 31, 2023, Quincy University has elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Quincy University under programs of the federal government for the year ended May 31, 2023. 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).
Title: Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. As a result of these principles, some expenditures presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: For the year ended May 31, 2023, Quincy University has elected to use the 10% de minimis indirect cost rate.
Quincy University has begun the liquidation process for its Federal Perkins Loan Program and assigned all remaining loan balances to the Department of Education during year ended May 31, 2023.
On June 23, 2020, Quincy University received an Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration (SBA) in the amount of $150,000. The EIDL funds are payable back to the SBA in thirty years from the date of the promissory note.
On June 4, 2021, Quincy University entered into a $24,000,000 promissory note for the refinancing of existing debt. Eighty percent of the principal amount of the loan was guaranteed by the U.S. Department of Agriculture (USDA). The USDA funds are payable back in thirty years from the date of the promissory note.
Title: Nonmonetary Assistance
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. As a result of these principles, some expenditures presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: For the year ended May 31, 2023, Quincy University has elected to use the 10% de minimis indirect cost rate.
The University did not receive any federal noncash assistance and had no federal insurance in effect during the year ended May 31, 2023.