Title: Federal Perkins Loan Program
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) presents the activities of The University of Tampa, Inc. (the University) for the year ended May 31, 2022, which has been funded by the U.S. government and the state of Florida. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position or changes in net assets of the University. The Schedule is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (the Uniform Guidance), and Chapter 215.97, Florida Statutes. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers the Federal Perkins Loan Program. The amount included in the Schedule includes the outstanding balance as of May 31, 2021 of $453,096. The outstanding balance of loans receivable under this program was $302,865 at May 31, 2022.
Title: Direct Loans Program
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) presents the activities of The University of Tampa, Inc. (the University) for the year ended May 31, 2022, which has been funded by the U.S. government and the state of Florida. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position or changes in net assets of the University. The Schedule is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (the Uniform Guidance), and Chapter 215.97, Florida Statutes. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University is responsible only for the performance of certain administrative duties with respect to its Federal Direct Student Loan Programs and, accordingly, these loans are not included in its consolidated financial statements. It is not required that the University maintain the balance of the loans outstanding from students and former students of the University under these programs. Such balances are maintained and administered by the lenders and guarantors of these loans. Disbursements for these loans during the year ended May 31, 2022 consists of Federal Direct Subsidized Loans of $12,990,444, Federal Direct Unsubsidized Loans of $20,935,840, Federal Direct Parent PLUS Loans of $36,157,777, and Federal Direct Graduate PLUS Loans of $3,828,435. The cumulative amount of total loans guaranteed and outstanding at May 31, 2022 is undeterminable.
Title: MATCHING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) presents the activities of The University of Tampa, Inc. (the University) for the year ended May 31, 2022, which has been funded by the U.S. government and the state of Florida. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position or changes in net assets of the University. The Schedule is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (the Uniform Guidance), and Chapter 215.97, Florida Statutes. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Under the Federal Work Study Program, the University matched $139,168 in total compensation for the year ended May 31, 2022, in addition to the federal share of expenditures included in the accompanying Schedule.
Title: ADMINISTRATIVE COST ALLOWANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) presents the activities of The University of Tampa, Inc. (the University) for the year ended May 31, 2022, which has been funded by the U.S. government and the state of Florida. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position or changes in net assets of the University. The Schedule is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (the Uniform Guidance), and Chapter 215.97, Florida Statutes. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University claimed an administrative cost allowance of $64,690 for the year ended May 31, 2022. Of this amount $29,489 and $35,201 are included in the accompanying Schedule as federal expenditures under the Federal Work-Study Program and the Federal Supplemental Education Opportunity Grant Program, respectively. The University has elected not to use the 10% deminimus indirect cost rate as outlined in the Uniform Guidance.
Title: CONTINGENCIES AND OTHER MATTERS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) presents the activities of The University of Tampa, Inc. (the University) for the year ended May 31, 2022, which has been funded by the U.S. government and the state of Florida. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position or changes in net assets of the University. The Schedule is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (the Uniform Guidance), and Chapter 215.97, Florida Statutes. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Grant monies received and disbursed by the University are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requirements for reimbursement due to disallowed expenditures. The University does not believe that such disallowances, if any, would have a material effect on the financial position of the University. As of May 31, 2022, management is not aware of any material questioned or disallowed costs as a result of grant audits in process or completed.