Notes to SEFA
Title: Federal Award Information
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Elmhurst University (the University) and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The University did not elect to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the fiscal year ended June 30, 2023, students and their parents were awarded $22,670,024 of federally guaranteed loans under Federal Direct Student Loans (which includes Stafford Loans and Parent Loans for Undergraduate Students).
The University is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in the University’s basic financial statements. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of the University at June 30, 2023.