Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Ferris State University (University) under programs of the federal government for the year ended June 30, 2022. The information in this 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).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 assets, or cash flows of Ferris State University.
Title: Federal Perkins Loans and Health Professions/Nursing Student Loans Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate.
The University utilizes the services of University Accounting Services, Inc. to administer the repayment of Federal Perkins Loans, Health Professions Student Loans, and Nursing Student Loans and perform certain due diligence procedures. The University Accounting Services, Inc. Compliance Attestation Examination of Title IV Student Financial Assistance Programs report for the fiscal year ended June 30, 2022 was received and reviewed. No significant items of noncompliance or control weaknesses were noted. There were $7,588,583 of Federal Perkins Loans, $2,607,276 of Health Professions Student Loans Pharmacy, $1,210,390 of Health Professions Student Loans Optometry, $251,415 of Nursing Student Loans Baccalaureate, and $3,534 of Nursing Student Loans Associate outstanding as of June 30, 2022.Total program disbursements under the Loan Programs for the year ended June 30, 2022 were as follows: Student Loans Awarded: Health Professions Student Loans Pharmacy $661,750; Health Professions Student Loans Optometry $305,000; Nursing Student Loans $67,133.The amount shown as Health Professions Loans Program and Nursing Student Loans Program loans and loan guarantees represents the amounts loaned by the University less the Federal contribution. Federal Perkins Loans to be returned as of June 30, 2022 totaled $2,236.
Title: Reconciliation of Schedule to Audited Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate.
A reconciliation of federal expenditures reported as revenue in the financial statements is provided below: Total expenditures of federal awards $128,869,088; Federal Perkins Loans outstanding $(9,588,427); Federal Direct Student Loan Program $(52,145,522); Health Professions Student Loans, Including Primary Care Loans/Loans for Disadvantaged Students $(4,726,924); Nursing Student Loans outstanding $(319,253); Miscellaneous grant receivable $200,911. Total revenue from federal expenditures recorded in audited financial statements $62,289,873.