Title: 3. Commingled Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") summarizes the expenditures of Loyola Marymount University (the "University") under programs of the federal government for the year ended May 31, 2023. The information presented in the Schedule is presented on the accrual basis of accounting and prepared in accordance 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, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. Expenditures reported on the Schedule are reported on accrual basis of accounting. 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. For purposes of this Schedule, federal awards include all grants, contracts, and similar agreements entered into directly or indirectly between the University and agencies and departments of the federal government.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The University has an approved predetermined indirect cost rate of 43.9% of modified total direct costs and a separate fringe benefit rate of 27.9% of salaries and wages effective through May 31, 2025. Some of the grants currently in effect, which include indirect costs, use a rate lower than the federally approved indirect cost rate.
The California Student Aid Commission (CSAC) administers the State Cal Grant A and B Programs, selects the student recipients of these grant awards, and provides funds to participating institutions for disbursement. Federal Temporary Assistance for Needy Families (TANF) funds, Assistance Listing Number 93.558, from the United States Department of Health and Human Services are commingled with general state funding when providing grants and a specific amount of TANF funding provided is not able to be determined for these Cal Grant awards and excluded from the Schedule accordingly. In fiscal year 2023, the University received Cal Grant A and B funds in the amount of $6,571,396.
Title: 4. Federal Perkins Loan Program
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") summarizes the expenditures of Loyola Marymount University (the "University") under programs of the federal government for the year ended May 31, 2023. The information presented in the Schedule is presented on the accrual basis of accounting and prepared in accordance 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, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. Expenditures reported on the Schedule are reported on accrual basis of accounting. 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. For purposes of this Schedule, federal awards include all grants, contracts, and similar agreements entered into directly or indirectly between the University and agencies and departments of the federal government.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The University has an approved predetermined indirect cost rate of 43.9% of modified total direct costs and a separate fringe benefit rate of 27.9% of salaries and wages effective through May 31, 2025. Some of the grants currently in effect, which include indirect costs, use a rate lower than the federally approved indirect cost rate.
The Federal Perkins Loan Program, Assistance Listing Number 84.038, is administered directly by the University, with balances and transactions relating to this program are included in the University’s financial statements. For the year ended May 31, 2023, federal expenditures presented in the Schedule include loans outstanding at the beginning of the year. Due to the cessation of the Perkins Loan Program, no new loans were made during the year. The balance of loans outstanding at May 31, 2023 was $2,929,000.