Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Truman State University (the University) for the year ended June 30, 2023. The information in this Schedule is presented in accordance with 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, or used in, the preparation of the financial statements may differ from their presentation in this Schedule. For the purpose of the Schedule, federal awards include grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government or passed through other government agencies or other organizations. The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the University’s basic financial statements. Related federal financial reports are prepared on the cash basis of accounting. Federal financial assistance from the Federal Work Study, Federal Pell and Federal Supplemental Educational Opportunity Grant programs are reported in the University’s financial statements as federal grant revenues. The activity of the Federal Direct Student Loans Program is not included in the University’s financial statements, as the benefits of these programs are awarded directly to students and not to the University.
De Minimis Rate Used: N
Rate Explanation: The Department of Health and Human Services has approved a maximum predetermined indirect cost rate of 43.0%. The University recovers indirect costs at the maximum rate of 43.0% under federal programs that allow full indirect cost reimbursement, and recovers indirect costs at varying rates below 43.0% on other federal programs that do not allow full indirect cost recovery. Total indirect costs recovered under all federal programs were $214,708 for the year ended June 30, 2023.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Truman State University (the University) for the year ended June 30, 2023. The information in this Schedule is presented in accordance with 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, or used in, the preparation of the financial statements may differ from their presentation in this Schedule. For the purpose of the Schedule, federal awards include grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government or passed through other government agencies or other organizations.
Title: Basis Of Accounting And Relationship To The Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Truman State University (the University) for the year ended June 30, 2023. The information in this Schedule is presented in accordance with 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, or used in, the preparation of the financial statements may differ from their presentation in this Schedule. For the purpose of the Schedule, federal awards include grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government or passed through other government agencies or other organizations. The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the University’s basic financial statements. Related federal financial reports are prepared on the cash basis of accounting. Federal financial assistance from the Federal Work Study, Federal Pell and Federal Supplemental Educational Opportunity Grant programs are reported in the University’s financial statements as federal grant revenues. The activity of the Federal Direct Student Loans Program is not included in the University’s financial statements, as the benefits of these programs are awarded directly to students and not to the University.
De Minimis Rate Used: N
Rate Explanation: The Department of Health and Human Services has approved a maximum predetermined indirect cost rate of 43.0%. The University recovers indirect costs at the maximum rate of 43.0% under federal programs that allow full indirect cost reimbursement, and recovers indirect costs at varying rates below 43.0% on other federal programs that do not allow full indirect cost recovery. Total indirect costs recovered under all federal programs were $214,708 for the year ended June 30, 2023.
The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the University’s basic financial statements. Related federal financial reports are prepared on the cash basis of accounting. Federal financial assistance from the Federal Work Study, Federal Pell and Federal Supplemental Educational Opportunity Grant programs are reported in the University’s financial statements as federal grant revenues. The activity of the Federal Direct Student Loans Program is not included in the University’s financial statements, as the benefits of these programs are awarded directly to students and not to the University.
Title: Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Truman State University (the University) for the year ended June 30, 2023. The information in this Schedule is presented in accordance with 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, or used in, the preparation of the financial statements may differ from their presentation in this Schedule. For the purpose of the Schedule, federal awards include grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government or passed through other government agencies or other organizations. The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the University’s basic financial statements. Related federal financial reports are prepared on the cash basis of accounting. Federal financial assistance from the Federal Work Study, Federal Pell and Federal Supplemental Educational Opportunity Grant programs are reported in the University’s financial statements as federal grant revenues. The activity of the Federal Direct Student Loans Program is not included in the University’s financial statements, as the benefits of these programs are awarded directly to students and not to the University.
De Minimis Rate Used: N
Rate Explanation: The Department of Health and Human Services has approved a maximum predetermined indirect cost rate of 43.0%. The University recovers indirect costs at the maximum rate of 43.0% under federal programs that allow full indirect cost reimbursement, and recovers indirect costs at varying rates below 43.0% on other federal programs that do not allow full indirect cost recovery. Total indirect costs recovered under all federal programs were $214,708 for the year ended June 30, 2023.
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 advanced by the University as of and for the year ended June 30, 2023:
Net Federal Perkins Loan Program and Federal Nursing Loan Program loans outstanding at June 30, 2023 were $890,646 and $77,840, respectively.
Title: Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Truman State University (the University) for the year ended June 30, 2023. The information in this Schedule is presented in accordance with 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, or used in, the preparation of the financial statements may differ from their presentation in this Schedule. For the purpose of the Schedule, federal awards include grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government or passed through other government agencies or other organizations. The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the University’s basic financial statements. Related federal financial reports are prepared on the cash basis of accounting. Federal financial assistance from the Federal Work Study, Federal Pell and Federal Supplemental Educational Opportunity Grant programs are reported in the University’s financial statements as federal grant revenues. The activity of the Federal Direct Student Loans Program is not included in the University’s financial statements, as the benefits of these programs are awarded directly to students and not to the University.
De Minimis Rate Used: N
Rate Explanation: The Department of Health and Human Services has approved a maximum predetermined indirect cost rate of 43.0%. The University recovers indirect costs at the maximum rate of 43.0% under federal programs that allow full indirect cost reimbursement, and recovers indirect costs at varying rates below 43.0% on other federal programs that do not allow full indirect cost recovery. Total indirect costs recovered under all federal programs were $214,708 for the year ended June 30, 2023.
The Department of Health and Human Services has approved a maximum predetermined indirect cost rate of 43.0%. The University recovers indirect costs at the maximum rate of 43.0% under federal programs that allow full indirect cost reimbursement, and recovers indirect costs at varying rates below 43.0% on other federal programs that do not allow full indirect cost recovery. Total indirect costs recovered under all federal programs were $214,708 for the year ended June 30, 2023.