Notes to SEFA
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the expenditures of all federal awards programs of Gannon University (the University) using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. 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 the University.
Title: Student Financial Assistance and Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the expenditures of all federal awards programs of Gannon University (the University) using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The total loans granted under the Federal Direct Student Loan Program, which were not made by the University but were received by its students, were approximately $46,150,000 for the year ended June 30, 2022. The total loans outstanding under the Federal Perkins Loan Program at June 30, 2022 were approximately $764,000. In addition, no loans were awarded under this program during the year ended June 30, 2022. The total loans outstanding under the Nursing Student Loan Program at June 30, 2022 were approximately $811,000. In addition, loans totaling approximately $101,000 were awarded under this program during the year ended June 30, 2022. Federal awards expenditures include loans administered under the Federal Direct Student Loan Programduring the year ended June 30, 2022, and Federal Perkins Loans and Nursing Student Loans as of June 30, 2021 plus loans awarded during the year ended June 30, 2022.