Title: Federal Perkins Loan (PL) Program, Primary Care Loan (PCL) Program, Health Profession Student Loan (HPSL) Program, and Nursing Student Loan (NSL) Program
Accounting Policies: 1. Audit Scope - The schedule of expenditures of federal awards includes all the grants of Midwestern University (The University). 2. Basis of Presentation - Grant expenditures have been recorded in conformity with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) on an accrual basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers the PL program, which is funded by the Department of Education, and the HPSL, PCL, and NSL programs, which are funded by the Department of Health and Human Services. The loan expenditures for the PCL program of $335,790 for the fiscal year ended June 30, 2023 are considered current year federal expenditures. There were no loans issued for the PL program, HPSL program, or the NSL program for the fiscal year ended June 30, 2023. The outstanding loan balance for the PL program was $98,490 and $212,331 at June 30, 2023 and June 30, 2022, respectively. The outstanding loan balance for the HPSL/PCL programs, collectively, was $12,511,331 and $14,010,979 at June 30, 2023 and June 30, 2022, respectively. The outstanding loan balance for the NSL program was $12,629 at June 30, 2023 and June 30, 2022. The current year expenditures plus the beginning of year outstanding loan balance are reported on the schedule of expenditures of federal awards.
Title: Federal Direct Student Loans
Accounting Policies: 1. Audit Scope - The schedule of expenditures of federal awards includes all the grants of Midwestern University (The University). 2. Basis of Presentation - Grant expenditures have been recorded in conformity with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) on an accrual basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University acts as an intermediary for students receiving Federal Direct Student Loans Program loans (Assistance Listing No. 84.268), which include the Direct Stafford Loan, from the federal government. The federal government is responsible for billing and collections of the loans. The University assists the federal government by processing the applications and applying the funds to student accounts from the federal government. Since this program is administered by the federal government, new loans made in the fiscal year ended June 30, 2023, related to the Federal Direct Student Loans Program, are considered current year federal expenditures, whereas the outstanding balances are not. The total amount processed during fiscal year 2023 is included on the schedule of expenditures of federal awards. Assistance Listing Number Amount Processed
Federal Direct Student Loans 84.268 $448,880,032
Title: Indirect Cost Rate
Accounting Policies: 1. Audit Scope - The schedule of expenditures of federal awards includes all the grants of Midwestern University (The University). 2. Basis of Presentation - Grant expenditures have been recorded in conformity with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) on an accrual basis.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University did not use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.