Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to the reimbursement. Negative amounts shown on the Schedule represent adjustment or credits made in the normal course of business for amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the De Minimis rate for indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of the University under programs of the federal government for the year ended June 30, 2023. The information in this 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). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net position, or cash flows of the University.
Title: STUDENT FINANCIAL ASSISTANCE LOAN PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to the reimbursement. Negative amounts shown on the Schedule represent adjustment or credits made in the normal course of business for amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the De Minimis rate for indirect costs.
The University is only responsible for the performance of certain administrative duties and is not considered the lender with respect to the student loan programs, and accordingly, these loans are not included in the financial statements. The schedule of expenditures of federal awards reports the total loans granted under the Federal Direct Student Loan Program, which were not made by the University but were received by its students, totaling $22,155,567 for the year ended June 30, 2023.
The Federal Perkins Loan Program is administered directly by the University, and balances and transactions relating to this program are included in the University's 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. Federal Perkins Loans outstanding at June 30, 2023 totaled $6,400.