Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures for federal student financial aid programs are recognized as incurred and include the federal share of students FSEOG program grants and FWS program earnings, certain other federal financial aid for students, and administrative cost allowances, where applicable. Federal Pell Grant and Teacher Education Assistance for College and Higher Education Grant awards are recognized as agency transactions and are not recorded as expenditures in the consolidated financial statements. The University did not elect to use the 10% de minimis indirect cost rate allocation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 504725.