Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Note B – Significant Accounting Policies
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Note C – Indirect Cost Rate
The University has not elected to use the 10% de minimis cost rate.
Note A - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the University of Mary (the University) under programs of the federal government for the year ended June 30, 2023. The information 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). Because the schedule presents only a selected portion of the operations of the University of Mary, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the University of Mary.
Title: FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: Note B – Significant Accounting Policies
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Note C – Indirect Cost Rate
The University has not elected to use the 10% de minimis cost rate.
Note D – Federal Student Loan Programs
The federal student loan programs listed subsequently are administered directly by the University of Mary and the balances and transactions relating to these programs are included in the University of Mary’s basic financial statements. Loans made during the year are included in the federal expenditures presented in the schedule. At June 30, 2023, the loan receivable balances for the Nursing Student Loan Program totaled $70,246. Total program disbursements under the programs for the year ended June 30, 2023, are as follows:
Nursing Student Loan Program (CFDA 93.364)
Beginning balance of student loans $77,306
Total balance$77,306