Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.650, Rules of the Florida Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal award and state financial assistance activity of Palm Beach Atlantic University, Inc. (the University) under programs of the federal government and State of Florida 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.650, Rules of the Florida Auditor General. 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: Federal Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.650, Rules of the Florida Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Program Clusters The Uniform Guidance defines a cluster of programs as a grouping of closely related federal programs with different CFDA numbers that share common compliance requirements. According to this definition, we have determined the federal student finance assistance programs of the University to be a cluster of programs. Federal Direct Student Loans - processed during the fiscal year ended June 30, 2023 are as follows: Direct Subsidized Loans 84.268 $3,560,646 Direct Unsubsidized Loans 84.268 $15,058,436 Parent PLUS Loans 84.268 $4,349,199 Graduate PLUS Direct Loans 84.268 $4,227,138 Total Federal Student Loans $27,225,948
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.650, Rules of the Florida Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The reimbursement of indirect costs reflected in the accompanying financial statements as federal and state grant revenue is subject to final approval by federal and stte grantors and oculd be adjsuted upon the results of these reviews. Management believes that the results of any such adjustment will not be material to the University's financial position, or changes in net assets.
Title: Contingency
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.650, Rules of the Florida Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditure is disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement by the grantor agency would become a liability to the University. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements, and applicable federal and state laws and regulations
Title: Summary of Florida Student Financial Assistance Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.650, Rules of the Florida Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The state financial assistance presented in the Schedule presents, in summary form, student financial assistance activities of the University for the year ended June 30, 2023, which have been financed by the State of Florida Department of Education (FDOE). The administration of each program is the responsibility of the FDOE’s Office of Student Financial Assistance and the University. The following is a brief description of each Florida student financial assistance program administered by the University. William L. Boyd, IV, Effective Access to Student Education Program (EASEP)
EASEP is a State of Florida financial aid program which provides certain qualified, full-time, undergraduate students with assistance in paying for tuition and fees. EASEP is available only to Florida residents attending eligible private, non-profit colleges and universities located in the State of Florida.
Florida Medallion Scholars Award (FMSA)
FMSA is a State of Florida scholarship program under the Florida Bright Futures Scholarship Program, which provides certain qualified, first-time-in college, full-time, undergraduate students assistance in paying for costs of education. FMSA is available only to Florida residents attending eligible colleges and universities located in the State of Florida.
Florida Academic Scholars Award (FASA)
FASA is a State of Florida scholarship program under the Florida Bright Futures Scholarship Program, which provides certain qualified, first-time-in college, full-time, undergraduate students with assistance in paying for costs of education. FASA is available only to Florida residents attending eligible colleges and universities located in the State of Florida.
Florida Student Assistance Grant Program (FSAG)
FSAG is a State of Florida financial aid program which provides certain qualified, full-time, undergraduate students with assistance in paying for costs of education including tuition, fees, and living expenses. FSAG is available only to Florida residents attending eligible private, non-profit colleges and universities located in the State of Florida.
Florida Work Experience Program (FWEP)
FWEP is a need-based program providing eligible Florida students work experiences to complement and reinforce their educational careers and goals.Scholarships for Children and Spouses of Deceased or Disabled Veterans and Service Members (CSDDV)
CSDDV provides scholarships for dependent children or un-remarried spouses of Florida veterans or service members who died as a result of service-connected injuries, diseases, or disabilities sustained while on active duty or who have been verified by the Florida Department of Veterans’ Affairs as having service-connected, 100% total and permanent disabilities. This program provides a fixed award amount at an eligible public or private post-secondary institution.
Honorably Discharged Graduate Assistance Program (HDGAP)
HDGAP is a need-based program providing scholarships to current active duty or honorably discharged members of the Armed Forces who served on or after September 11, 2001. Eligible awardees must be residents of Florida who are enrolled in an eligible post-secondary institution. Funds are intended to assist active duty and honorably discharged members of the Armed Forces pay for living expenses during holiday and semester breaks.
Jose Marti Scholarship Challenge Grant Program (JMSCGP)
JMSCGP is a need-based merit scholarship that provides financial assistance to eligible students of Hispanic origin who will attend Florida public or private institutions.
Linking Industry to Nursing Education Fund (LINE)
LINE provides funding to meet local, regional, and state workforce demand by recruiting facility and clinical preceptors, increasing the capacity of high-quality nursing education programs, and increasing the number of nursing education program graduates who are prepared to enter the workforce
Title: Perkins Loan Closeout
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.650, Rules of the Florida Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University liquidated its Federal Perkins Revolving Loan Fund at the direction of the Department of Education during fiscal 2023. The liquidation required the University to assign all eligible outstanding loans to the Department of Education and to remit the federal share of remaining Perkins cash assets to the Department of Education. The liquidation was completed by June 30, 2023