Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: 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 August 31, 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). For purposes of this schedule, Federal awards include any assistance provided by a Federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because the schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the University. Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 - percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs are allocated to individual grants within the Schedule of Expenditures of Federal Awards in accordance with the contractual provisions of each grant.
The University administers and accounts for all aspects of the Federal Perkins Loan Program. Therefore, the Universitys financial statements include the programs transactions. Loans outstanding at the beginning of the year totaled $3,612,812 and are included in the federal expenditures presented on the accompanying Schedule of Expenditures of Federal Awards. There were no loans made during the year as the Perkins program has been discontinued. Perkins loans outstanding at August 31, 2022 were $2,997,243.
Title: FEDERAL DIRECT STUDENT LOAN PROGRAM
Accounting Policies: 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 August 31, 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). For purposes of this schedule, Federal awards include any assistance provided by a Federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because the schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the University. Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 - percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs are allocated to individual grants within the Schedule of Expenditures of Federal Awards in accordance with the contractual provisions of each grant.
For the Federal Direct Student Loan Program, the University is responsible only for the performance of certain administrative duties; therefore, the programs net assets and transactions are not included in the Universitys financial statements and it is not practicable to determine the balance of loans outstanding to students.
Title: SUBRECIPIENT ACTIVITY
Accounting Policies: 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 August 31, 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). For purposes of this schedule, Federal awards include any assistance provided by a Federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because the schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the University. Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 - percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs are allocated to individual grants within the Schedule of Expenditures of Federal Awards in accordance with the contractual provisions of each grant.
The University is the subrecipient of federal funds. The federal funds are reported as expenditures and listed as federal pass-through funds on the Schedule of Expenditures of Federal Awards.