Title: STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Dominican University New York (the “University”) under programs of the federal government for the year ended June 30, 2023 and is prepared on the accrual basis of accounting. 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 assets, or cash flows of the University.
De Minimis Rate Used: Y
Rate Explanation: For the grants obtained through the United States Department of Health and Human Services the University has elected to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The federal student loan program listed below is administered directly by the University, and balances and transactions relating to this program are included in the University’s financial statements. Loan activities and balances consist of the following: Perkins Loan Program Federal Assistance Listing
Number 84.038 Balance as of June 30, 2022 $190,133 Loans Assigned to the Federal Government $(143,897) Payments Received $(46,236) Balance as of June 30, 2023 $- There were no new federal capital contributions during the year ended June 30, 2023. On September 30, 2015, the Federal Perkins Loan Program expired. It was then extended on December 18, 2015 under The Perkins Loan Extension Act of 2015 to permit institutions to issue new loans, under amended guidelines, until September 30, 2017. No new Perkins loans can be issued under this Act subsequent to September 30, 2017. In addition, as part of this Act, prior to October 1, 2017, the University is required to annually return the federal share of excess liquid capital, as defined, to the federal government. Beginning on October 1, 2017, the federal share of all Perkins funds, including future collections of principal and interest, must be returned to the federal government. At June 30, 2022 the balance of loans outstanding under the Federal Perkins Loan Program was $190,133. During the year ended June 30, 2023 there were no disbursements of new loans, $46,236 of loans were repaid by the borrowers and $143,897 of loans were assigned and accepted by the U.S. Department of Education. There were no loans outstanding at June 30, 2023. During the year ended June 30, 2022, the College notified the U.S. Department of Education of its intent to voluntarily withdraw participation in the Federal Perkins Loan program by liquidating its loan portfolio and revolving fund. Liquidation of the program involved announcing its intent to liquidate, borrower notification, and the assignment of or purchase of loans. As of this report date, the College has completed Steps 1-5 of the liquidation procedures for the purpose of liquidating its Federal Perkins Loan Program. As a result of the liquidation process, 78 loans in the amount of $143,897 were assigned and officially accepted by the U.S. Department of Education. Following the assignment and purchase of loans, final capital distributions were made totaling $22,384 and $13,152 to the Federal government and the College, respectively. The College has liquidated its Federal Perkins Loan portfolio and in doing so, has now accurately retired, purchased, or assigned the College’s outstanding loans to the U.S. Department of Education (the Department), completed its NSLDS reporting requirements, returned the Federal Capital Contribution to the Department, and filed its final Fiscal Operations Report and Application to Participate (FISAP).
Title: FEDERAL DIRECT LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Dominican University New York (the “University”) under programs of the federal government for the year ended June 30, 2023 and is prepared on the accrual basis of accounting. 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 assets, or cash flows of the University.
De Minimis Rate Used: Y
Rate Explanation: For the grants obtained through the United States Department of Health and Human Services the University has elected to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
Federally-guaranteed loans distributed to students of the University through the Federal Direct Loan Program during the year ended June 30, 2023 are summarized as follows. Federal Direct Loan Program Federal Assistance Listing Number 84.038 Loans Distributed $12,151,592. The University is responsible only for the performance of certain ongoing administrative duties with respect to the Federal Direct Loan Program. Accordingly, the outstanding loan balances under this program are not included in the University’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the University under this program at June 30, 2023.