Notes to SEFA
Title: Federal Perkins Loan Program and Loans for Disadvantaged Students
Accounting Policies: The accompanying schedules of expenditures of Federal awards (the Schedules) include the Federal grant activity of Rowan University (the University) and are presented on the accrual basis of accounting. The information in these Schedules 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). Therefore, some amounts presented in these Schedules may differ from amounts presented in, or used in the preparation of, the 2022 basic financial statements. The University has included expenditures on prior year grant awards where extensions have been granted from funding agencies or amounts were approved for outstanding purchase orders. Credit expenditures or expenditures occurring after the grant period end typically result from grant or contract closing adjustments and transfers to recognize awards for which the University overspent their authorized award amount and will cover the excess with institutional funds.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University administers and accounts for certain aspects of the Federal Perkins Loan program (ALN 84.038) and Loans for Disadvantaged Students (ALN 93.342). The Universitys basic financial statements include the programs net position and transactions. The balance of loans outstanding under theseprograms as of June 30, 2022 were as follows:FEDERAL PERKINS LOAN (84.038) - Balance at the beginning of the year - $1,130,607, plus $0 new loans issued, less payments of $(300,412), write-offs of $(1), assignments/ acceptances of $(42,242), and cancellations of $(0), equals outstanding balance - $787,952. HEALTH PROFESSIONS STUDENT LOANS, INCLUDING PRIMARY CARE LOANS/LOANS FOR DISADVANTAGED STUDENTS (93.342) - Balance at the beginning of the year - $606,481, plus $120,000 new loans issued, less payments of $(45,077), write-offs of $(0),assignments/ acceptances of $(0), and cancellations of $(0), equals outstanding balance - $681,404.
Title: Federal Direct Loan Program
Accounting Policies: The accompanying schedules of expenditures of Federal awards (the Schedules) include the Federal grant activity of Rowan University (the University) and are presented on the accrual basis of accounting. The information in these Schedules 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). Therefore, some amounts presented in these Schedules may differ from amounts presented in, or used in the preparation of, the 2022 basic financial statements. The University has included expenditures on prior year grant awards where extensions have been granted from funding agencies or amounts were approved for outstanding purchase orders. Credit expenditures or expenditures occurring after the grant period end typically result from grant or contract closing adjustments and transfers to recognize awards for which the University overspent their authorized award amount and will cover the excess with institutional funds.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program and, accordingly, these loans are not included in the Universitys basic financial statements. It is not practical to determine the balance of Federal Direct Loans outstanding to students of the University as of June 30, 2022.