Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Francis Marion University and is presented on the accrual basis of accounting. The information in the 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). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures for student financial aid programs include the federal share of students' Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work Study (FWS) earnings, certain other federal financial aid for students and administrative cost allowances, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.U38) - Balances outstanding at the end of the audit period were $629,468. NURSE FACULTY LOAN PROGRAM (NFLP) (93.264) - Balances outstanding at the end of the audit period were $144,852.
Title: Direct Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Francis Marion University and is presented on the accrual basis of accounting. The information in the 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). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures for student financial aid programs include the federal share of students' Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work Study (FWS) earnings, certain other federal financial aid for students and administrative cost allowances, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Direct Loan Program provides loans to students and their parents. The loans are made directly from the federal government; therefore there is no loan balance recorded at the University. The total of the loans processed for the current fiscal year are: Direct Student Loan - Subsidized - $5,630,063; Direct Student Loan - Unsubsidized - $9,246,682; PLUS - $3,380,322; Total Direct Loans - $18,257,067.