Notes to SEFA
Title: Federal Direct Student Loans (Assistance listing #84.268)
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of Alaska Pacific University under programs of the federal government for the year endedJune 30, 2022. The information in this Schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of Alaska Pacific University, it is not intended to anddoes not present the financial position, changes in net assets or cash flows of Alaska Pacific University. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Alaska Pacific University is responsible for the performance of certain administrative duties withrespect to the Federal Direct Student Loan Program. Amounts relating to this program are notincluded in the Universitys basic financial statements. Loans distributed to students of theUniversity under this program during the year ended June 30, 2022 are summarized as follows:Amounts DisbursedDirect Subsidized Loans $ 652,405Direct Unsubsidized Loans 1,554,415Direct PLUS Loans 163,351Total $ 2,370,171