Title: Note 4. Federal Perkins Loan Program (CFDA Number 84.038)
Accounting Policies: Expenditures for student financial aid programs include the federal share of students Federal SupplementalEducational Opportunity Grant (FSEOG) program grants and Federal Work Study (FWS) program earnings, certainother federal financial aid for students, North Carolina NeedBased Scholarship, and administrative costallowances, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Federal Perkins Loan Program is administered directly by the University, and balances and transactions relating to the program are included in the loan fund of the Universitys financial statements. Federal expenditures reported on the face of the Schedule include loans outstanding at the beginning of the year, loans made duringthe year, loan cancellations, interest subsidies and administrative expenses. The balance of loans outstanding under the Federal Perkins Loan Program was $224,865 as of June 30, 2022.Due to the expiration of the Federal Perkins Loan Program on September 30, 2017, the University did not disburse any Perkins loans to students during the year ended June 30, 2022. Schools have the option of continuing to collect on outstanding loan balance or can voluntarily liquidate the program. The University has no current plans to beginthe Perkins liquidation process. However, the University is required to periodically return excess cash on hand from the program to the Department of Education.
Title: Note 5. USDA Loan Program (CFDA Number 10.766)
Accounting Policies: Expenditures for student financial aid programs include the federal share of students Federal SupplementalEducational Opportunity Grant (FSEOG) program grants and Federal Work Study (FWS) program earnings, certainother federal financial aid for students, North Carolina NeedBased Scholarship, and administrative costallowances, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in this Schedule. The balance of loans outstanding at the end of the audit period with compliance requirements included in this Schedule consists of: Outstanding Federal Grantor/Program or Cluster Title CFDA Number Balance Community Facilities Loans and Grants Cluster 10.766 $ 36,620,415
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures for student financial aid programs include the federal share of students Federal SupplementalEducational Opportunity Grant (FSEOG) program grants and Federal Work Study (FWS) program earnings, certainother federal financial aid for students, North Carolina NeedBased Scholarship, and administrative costallowances, where applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule), includes the federal and state award activity of Pfeiffer University (the University) under programs of the federal and state government for the year ended June 30, 2022 and is presented on the accrual basis of accounting. The federalaward 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). The state award information in the schedule includes all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the state government and all subawards to the University by nonfederal organizations pursuant to state grants, contracts, and similar agreements. 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.