Title: Note 1 - Basis of Accounting
Accounting Policies: Note 2 - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following, as applicable, either the cost principles contained in OMB Circular A-21, Cost Principles for
Educational Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of Seattle Pacific University and affiliate (collectively, the University) under programs of the federal government
for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Note 2 - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following, as applicable, either the cost principles contained in OMB Circular A-21, Cost Principles for
Educational Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following, as applicable, either the cost principles contained in OMB Circular A-21, Cost Principles for
Educational Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
Title: Note 3 - Student Financial Assistance Expenditures
Accounting Policies: Note 2 - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following, as applicable, either the cost principles contained in OMB Circular A-21, Cost Principles for
Educational Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
The University recognizes expenditures for grants and federal student financial assistance programs as they are
incurred. Administrative expenses, claimed and included in the Schedule, for Federal Work Study (FWS) were
$62,630 for the year ended June 30, 2023.
Title: Note 4 - Federal Student Loan Programs
Accounting Policies: Note 2 - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following, as applicable, either the cost principles contained in OMB Circular A-21, Cost Principles for
Educational Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
Federal student loan programs listed subsequently are administered directly by the University, and balances and
transactions relating to these programs are included in the University’s consolidated financial statements. Loans
made under the Nursing Student and Federal Perkins loan programs, as well as the outstanding loan balances, are
included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30,
2023, consisted of:
Federal Outstanding
Assistance Balance at
Cluster/Program Title Listing Number June 30, 2023
Student Financial Assistance Cluster_x0002_Nursing Student Loan Program 93.364 $ 1,176,696
Perkins Loan Program 84.038 1,157,891
Title: Note 5 - Perkins Loan Program
Accounting Policies: Note 2 - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following, as applicable, either the cost principles contained in OMB Circular A-21, Cost Principles for
Educational Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
The Department of Education ended the Perkins Loan Program on June 30, 2017, with final disbursements
permitted through June 30, 2018. As such, no new Perkins Loans have been made during the year ending June 30,
2023. Balances reported on the Schedule represent outstanding loan balances issued prior to June 30, 2018.
Title: Note 6 - Reconciliation to Financial Statements
Accounting Policies: Note 2 - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following, as applicable, either the cost principles contained in OMB Circular A-21, Cost Principles for
Educational Institutions, or the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
The amount of federal awards as reported on the Schedule reconciles to government grant revenue reported on
the consolidated Statement of Activities as follows for the year ended June 30, 2023:
Total federal awards reported on the schedule $ 31,315,284
Adjust_x0002_Non federal state and local grant activity (3,800)
Less_x0002_Federal Direct student loans 22,913,885
Federal Pell grants 4,103,518
Perkins loan portfolio 1,157,891
Nursing loan portfolio 1,425,109
29,600,403
Government Grant Revenue $ 1,711,081