Notes to SEFA
Title: Note 5. USDA Loan Program (ALN 10.766)
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule), includes the federal and state award activity of Pfeiffer University (the University) under programs of the federal and state government for the year ended June 30, 2023 and is presented on the accrual basis of accounting. The federal award 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). The state award information in the schedule includes all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the state government and all subawards to the University by nonfederal organizations pursuant to state grants, contracts, and similar agreements. 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 position, or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The autidtt did not use the de minimis cost rate.
The University participated in the FPL Program sponsored by the U.S. Government. Under this program, funds were loaned to qualified students and were re-loaned after collection. The U.S. government phased out the program and no disbursements were permitted or made after June 30, 2018. At June 30, 2023, cumulative loans outstanding (net of principal repayments, cancellations, and allowances) totaled $74,231.