Notes to SEFA
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared to present a summary of those activities of the University which have been financed by the Federal government for the fiscal year ended June 30, 2022. For the Federal expenditures included on the Schedule, disbursements are recognized on the accrual basis for awards made to students and allowable expenses of running such programs.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10 percent de-minimis indirect cost rate allowed under the Uniform Guidance.
The information in these schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the University's basic consolidated financial statements.
Title: Federal Direct Student Loans (CFDA Number 84.268)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared to present a summary of those activities of the University which have been financed by the Federal government for the fiscal year ended June 30, 2022. For the Federal expenditures included on the Schedule, disbursements are recognized on the accrual basis for awards made to students and allowable expenses of running such programs.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10 percent de-minimis indirect cost rate allowed under the Uniform Guidance.
The University is responsible for the performance of certain administrative duties with respect to the Federal Direct Student Loans program and, accordingly, these loans are not included in the University's basic financial statements. It is not practical to determine the balance of loans outstanding from students of the University under this program as of June 30, 2022.