Notes to SEFA
Title: FEDERAL DIRECT STUDENT LOANS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) reports Northwest State Community Colleges (the College) federal award programs disbursements. 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). The schedule has been prepared on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in Title U.S. Code of Federal Regulations Part 200, 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 College has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Pass-through Entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College participates in the Federal Direct Student Loan Program. The dollar amounts listed in the schedule of federal awards expenditures represents new loans advanced during the current fiscal year. The College is a direct lender of these loan funds; however the College is not responsible for collecting these loans in future periods. ALN 84.268 program name Federal Subsidized Direct Loans $797,889; 84.268 Federal Unsubsidized Direct Loans $342,498; 84.268 Federal PLUS Loans #39,008; Total Federal Director Student Loans $1,179,395