Notes to SEFA
Title: NOTE 3 - FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying schedules of expenditures of federal awards (the Schedule) include the federalaward activity of Thomas More University under programs of the federal government for the yearsended May 31, 2022 and 2021. The information in these Schedules is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedules present only a selected portion of the operations of Thomas More University,they are not intended to and do not present the financial position, changes in net assets, or cash flowsof Thomas More University. Expenditures reported on the Schedules are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Negative amountsshown on the Schedules represent adjustments or credits made in the normal course of business toamounts reported as expenditures in prior years. Thomas More University has elected not to use the10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal student loan programs listed subsequently are administered directly by Thomas More University, and balances and transactions relating to these programs are included in Thomas More Universitys basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at May 31, 2022 and 2021 consists of: 84.038 FEDERAL PERKINS LOAN $407,360 AND $731,751; 93.364 NURSING STUDENT LOANS $13,674 AND $15,768