Title: Loan Program Administration
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Pacific University (the 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 (2 CFR 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 the University. Summary of Significant 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. The accompanying schedule of expenditures of federal awards includes all federal funds expended by the University during the year ended June 30, 2022. For purposes of the Schedule, federal funds include all grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government as well as any federal awards passed through other governmental agencies.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal student loan programs listed below are administered directly by the University, and balances and transactions relating to these programs are included in the Universitys basic financial statements. The basis used to determine loans expended shown on the Schedule is the amount of new loans made or received during the fiscal year plus the balance of loans from previous years for which the federal government imposes continuing compliance requirements, plus any interest subsidy, cash, or administrative cost allowance received. Perkins loans Loans outstanding at beginning of fiscal year: $5,024,324 New loans processed during the fiscal year: $0 Administrative Costs: $0 Total loans on the schedule of expenditures of federal awards: $5,024,324 Outstanding balance at June 30, 2022: $2,728,533 Health professional loans Loans outstanding at beginning of fiscal year: $4,360,637 New loans processed during the fiscal year: $519,435 Administrative Costs: $0 Total loans on the schedule of expenditures of federal awards: $4,880,072 Outstanding balance at June 30, 2022: $3,297,664. Congress did not renew the Federal Perkins Loan Program after September 2017, and the transition period permitting disbursements ended on June 30, 2019. Institutions have the option to either continue to service the outstanding loans and remit excess cash periodically to the Department of Education or liquidate the portfolio, which would include assigning remaining loans to the federal government and forfeiting the institutions remaining net assets (institutional capital contribution). The College intends to continue servicing the outstanding Perkins loans. See reporting package for further information.
Title: Federal Direct Loan Program
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Pacific University (the 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 (2 CFR 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 the University. Summary of Significant 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. The accompanying schedule of expenditures of federal awards includes all federal funds expended by the University during the year ended June 30, 2022. For purposes of the Schedule, federal funds include all grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government as well as any federal awards passed through other governmental agencies.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the fiscal year ended June 30, 2022, the University processed the following amounts of new loans under the Federal Direct Loan Program (which includes subsidized Stafford, unsubsidized Stafford, and PLUS Loans): Direct loans - unsubsidized ALN number 84.268 $41,965,357, Direct loans - subsidized ALN number 84.268 $3,643,249, Direct loans - Parent PLUS ALN number 84.268 $5,234,366, Direct loans - Grad PLUS ALN number 84.268 $32,303268, Total: $83,146,240.
Title: Administrative Costs
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Pacific University (the 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 (2 CFR 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 the University. Summary of Significant 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. The accompanying schedule of expenditures of federal awards includes all federal funds expended by the University during the year ended June 30, 2022. For purposes of the Schedule, federal funds include all grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government as well as any federal awards passed through other governmental agencies.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amount of Federal Work-study disbursements shown on the Schedule includes the current year administrative cost allowance of $53,010.