Notes to SEFA
Title: NOTE 2 - FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION Basis of Presentation: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of 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, 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. 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 University has elected not to use the 10-percent 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.
The amount outstanding for the Federal Perkins Loan Program at June 30, 2022 is $355,873. No new loans were disbursed under the Federal Perkins Loan Program for the fiscal year ended June 30, 2022.
Title: NOTE 3 - FEDERAL DIRECT LOAN PROGRAM
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION Basis of Presentation: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of 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, 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. 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 University has elected not to use the 10-percent 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.
The University participates in the Federal Direct Loan Program, including Direct Subsidized Loans, Direct Unsubsidized Loans and Direct PLUS Loans. Expenditures represent new loans processed for students during the year ended June 30, 2022 as follows: Direct Subsidized Loans $1,928,520, Direct Unsubsidized Loans $5,778,173, Direct PLUS Loans $4,516,452, $12,223,145