Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards programs of Southeast Missouri State University (the University) for the year ended June 30, 2022. The information in this Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Federal financial assistance revenues from the Federal Work Study, the Federal Pell Grant Program and the Federal Supplemental Educational Opportunity Grant programs are reported in the Universitys financial statements as federal grant revenues. The activity of the Federal Direct Loan Program is not included in the Universitys financial statements, as the benefits of this program are awarded directly to students and not to the University. Amounts reported in the accompanying Schedule are presented using the accrual basis of accounting, which is described in Note 2 to the Universitys financial statements. Related federal financial reports are prepared on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Department of Health and Human Services has approved a maximum provisional indirect cost rate of 51%. The University recovers indirect costs at the maximum rate of 49% of salaries and wages including fringe benefits under federal programs that allow full indirect cost reimbursement, and recovers indirect costs at varying rates below 51% on other federal programs that do not follow full indirect cost recovery. Total indirect costs recovered under all federal programs were $282,216 for the year ended June 30, 2022.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were $3,177,790. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the periods were $31,307,940.