Notes to SEFA
Title: NOTE 2 - FEDERAL LOANS DISBURSED
Accounting Policies: NOTE 1 - 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, as applicable, either the cost principles in OMB Circular A-21, Cost Principles for Educational Institutions or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The University of Indianapolis (University) has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The amount presented for Federal Perkins Loans represents the federal loan balance outstanding at June 30, 2021 for which the government imposes continuing compliance requirements. This included no new federal funds. There were no new Perkins loans funded during the 2020-2021 or the 2021-2022 award years. The balance of outstanding Perkins loans receivable at June 30, 2022 was $646,298.The University also participates in the Federal Direct Student Loans Program. Direct Loans includes Direct Loans, Direct Unsubsidized Loans, and Direct PLUS Loans. The dollar amounts are listed in the schedule of federal awards although the University is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. New loans processed for students during the year ended June 30 were as follows:2022 Federal Direct Student Loans Program Direct, Loan Subsidized $7,458,689, Unsubsidized $21,813,680, PLUS $8,439,327$, Total $37,711,696