Title: Note 1: 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ FSEOG program and FWS program earnings, Federal Pell Grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowance, where applicable.
De Minimis Rate Used: N
Rate Explanation: The University has elected to obtain Negotiated Indirect Cost Rate Agreements from their federal agency.
The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes grants, contracts and similar agreements entered into directly between Stetson University, Inc. (the University) and agencies and departments of federal and state governments. They also include all subawards to the University by nonfederal organizations pursuant to federal and state grants, contracts and similar agreements. The information in this 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 Auditor General of the State of Florida (Chapter 10.650). 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 for the University. For the Federal Work Study (FWS) and Federal Supplemental Educational Opportunity Grant (FSEOG), the expenditures listed are only the federal share. The University’s match was $78,453 for FWS and $330,703 for FSEOG. Also, the grants reflect transactions for the June 30, 2023, fiscal year irrespective of the year of grant award and, accordingly, the Schedule does not include a full year’s activity for grants awarded or terminated on dates not coinciding with the aforementioned fiscal year.
Title: Note 2: Note 2. Summary of Significant Accounting Policies for Federal Award and State Financial Assistance Expenditures
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ FSEOG program and FWS program earnings, Federal Pell Grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowance, where applicable.
De Minimis Rate Used: N
Rate Explanation: The University has elected to obtain Negotiated Indirect Cost Rate Agreements from their federal agency.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ FSEOG program and FWS program earnings, Federal Pell Grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowance, where applicable.
Title: Note 3: 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ FSEOG program and FWS program earnings, Federal Pell Grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowance, where applicable.
De Minimis Rate Used: N
Rate Explanation: The University has elected to obtain Negotiated Indirect Cost Rate Agreements from their federal agency.
Expenditures include indirect costs, related primarily to facilities operations and maintenance and general divisional and departmental administrative services, which are allocated to direct cost objectives (including federal awards) based on negotiated formulas commonly referred to as facilities and administrative cost rates. Facilities and administrative cost rates allocated to such awards for the year ended June 30, 2023, were based on fixed rates negotiated with the respective federal agencies. The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4: Subrecipients
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ FSEOG program and FWS program earnings, Federal Pell Grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowance, where applicable.
De Minimis Rate Used: N
Rate Explanation: The University has elected to obtain Negotiated Indirect Cost Rate Agreements from their federal agency.
There were no program funds passed through the University to subrecipient organizations.
Title: Note 5: Federal Perkins Loan Program
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ FSEOG program and FWS program earnings, Federal Pell Grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowance, where applicable.
De Minimis Rate Used: N
Rate Explanation: The University has elected to obtain Negotiated Indirect Cost Rate Agreements from their federal agency.
The Federal Perkins Loan program listed below is administered directly by the University and balances and transactions relating to this program are included in the University’s basic consolidated financial statements. The balance of loans outstanding at June 30, 2023, was:
Cluster/Program Title: Student Financial Assistance Luster Federal Perkins Loans Program
Assistance Listing Number 84.038
Amount Oustanding: $1,972,344
The Federal Perkins Loan Program expired September 30, 2017, and fiscal year 2018 was the last year that the University could award Perkins loans based on action established by the Department of Education. Accordingly, the University did not award any Perkins loans in fiscal year 2023. The University will be liquidating its Federal Perkins Revolving Loan Fund at the direction of the Department of Education. The liquidation will likely involve the University assigning all eligible outstanding loans to the Department of Education and the remittance of federal share of remaining Perkins cash assets to the Department of Education. Until liquidation is complete, the University is required to return the federal share of collections from students on an annual basis.
Title: Note 6: Federal Direct Loan Program
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ FSEOG program and FWS program earnings, Federal Pell Grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowance, where applicable.
De Minimis Rate Used: N
Rate Explanation: The University has elected to obtain Negotiated Indirect Cost Rate Agreements from their federal agency.
The University distributed $45,983,224 of federally guaranteed loans to students of the University through the Federal Direct Loan program (Assistance Listing Number 84.268), which includes Direct Subsidized and Unsubsidized Loans, and Direct Parent Loans for Undergraduate Students. These distributions and the related funding sources are not included in the University’s consolidated financial statements.