Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles as contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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, St. Ambrose University issued new loans to students under the Federal Direct Student Loan Program (FDLP). The loan program includes subsidized and unsubsidized Stafford Loans, Parent PLUS Loans and PLUS Loans for students. The value of loans issued for the FDLP is based on disbursed amounts. The loan amounts issued during the year are disclosed on the Schedule. St. Ambrose 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 St. Ambrose Universitys financial statements. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of St. Ambrose University at June 30, 2022.In addition, St. Ambrose University participates in the Federal Perkins Loan Program through the Department of Education. This loan program is directly administered by St. Ambrose University and is considered a revolving loan program whereby collections received on past loans, including interest, is loaned out to current students. The beginning balance on these loans is disclosed in the Schedule. The outstanding balance at June 30, 2022 was $869,014. No new loans were issued through the Federal Perkins Loan Program during the year ended June 30, 2022.