Notes to SEFA
Title: 2 Federal Direct Student Loan Program (FDSLP)
Accounting Policies: 1 Summary of Significant Accounting Policies - The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awards activity of the University for the year ended June 30, 2022. The Schedule is prepared on the accrual basis of accounting and, as a result, expenditures for the respective federal programs are recognized as incurred. The information in the Schedule is presented in accordance with the provisions 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 Universitys consolidated financial statements. In addition, the University did not provide any federal funding to subrecipients. For purposes of the Schedule, Student Financial Assistance includes certain awards to provide financial assistance to students under the Federal Pell Grant Program (Pell), Federal Supplemental Educational Opportunity Grant Program (FSEOG), and Federal Work-Study Program (FWS). The University also determines eligibility for awards to make loans to eligible students under the Federal Direct Student Loan Program (Federal Subsidized Stafford Student Loans, Federal Unsubsidized Stafford Student Loans, Federal GRAD PLUS and Federal Parent Loans for Undergraduate Students, collectively (FDSLP), which are issued to students and parents of students under the U.S. Department of Education Student Assistance Programs.
De Minimis Rate Used: N
Rate Explanation: 3 Administrative Cost Allowance - For the year ended June 30, 2022, the University claimed an administrative cost allowance under the Pell Program of $12,640, and no administrative cost allowance related to the FSEOG and FWS Programs. In addition, the University has not elected to use the 10% deminimus indirect cost rate allowed by the Uniform Guidance.
Students were disbursed proceeds from FDSLP loans totaling $114,168,474 during the year ended June 30, 2022. The University is responsible only for the performance of certain administrative duties with respect to the FDSLP program and, accordingly, these loans are not included in the Universitys consolidated financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the University under this program as of June 30, 2022.