Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance or TxGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
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.
The accompanying schedules of expenditures of federal and state awards (the Schedules) include the federal and state award activity of University of St. Thomas (the University) under programs of the federal and state of Texas government for the year ended June 30, 2023. The information in these Schedules 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 Texas Grant Management Standards (TxGMS) issued by the Texas Comptroller of Public Accounts. Because the Schedules presents only a selected portion of the operations of the University, they are not intended to, and does not, present the financial position, changes in net assets, or cash flows of the University.
Title: Note 4: Federal Loan Programs
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance or TxGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
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.
For the purposes of the schedule of expenditures of federal awards, loans made to students under the Federal Direct Student Loans program are presented as federal expenditures. Neither the funds advanced to students, nor the outstanding loan balance are included in the consolidated financial statements, since the loans are made and subsequently collected by the federal government.
As of June 30, 2023, the University completed the liquidation of its Federal Perkins Loan Program. All loans have been reassigned to the Department of Education and the related loan receivable written off.