Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The preceding schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The University of Charleston, Inc., 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 select 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.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 717,616. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 226,953.