Title: Loans Oustanding at Fiscal Year-Ended
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity for the year ended June 30, 2023, and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The information in this schedule presents only a selected portion of the operations, it is not intended to and does not present the financial position, changes in net position, or cash flows of the University. The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The University had the following loan balances outstanding at June 30, 2023, for programs that are administered directly. Loans oustanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. Nursing Student Loans, ALN 93.364 - Balances outstanding at the end of the audit period were $656,630. Perkins Loan Program, ALN 84.038 - Balances outstanding at the end of the audit period were $2,524,472. There were no administrative costs charged to the Perkins Loan Program. The Federal Perkins Program was ended on September 3, 2017, with final allowable disbursements being made on June 30, 2018.
Title: Total New Federal Student Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity for the year ended June 30, 2023, and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The information in this schedule presents only a selected portion of the operations, it is not intended to and does not present the financial position, changes in net position, or cash flows of the University. The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
During the audit period, the University processed $58,203,511 of new Direct Student Loans, ALN 84.268 and $24,322,750 of new Direct Parent Loan for Undergraduate Students Program (PLUS), ALN 84.268. There were no administrative costs charged to the loan program. During the fiscal year ended June 30, 2023, the University issued new loans under the Federal Direct Student Loan Program (FDLP). The loan program includes subsidized and unsubsidized Stafford Loans and PLUS Loans for undergraduate and graduate students. The value of the loans issued for the FDLP is based on disbursed amounts. The University is responsible only for the performance of certain administrative duties with respect to federally guaranteed student loan programs and, accordingly, balances and transactions related to these loan programs and not included in the University’s financial statements. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of the University as of June 30, 2023.
Title: Insurance Disclosure
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity for the year ended June 30, 2023, and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The information in this schedule presents only a selected portion of the operations, it is not intended to and does not present the financial position, changes in net position, or cash flows of the University. The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
During the audit period, there was not federally funded insurance in effect.
Title: Depository Library
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity for the year ended June 30, 2023, and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The information in this schedule presents only a selected portion of the operations, it is not intended to and does not present the financial position, changes in net position, or cash flows of the University. The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The University’s Milner Library services as a depository in the U.S. Government Publishing Office’s Federal Depository Library Program (ALN 40.001, Depository Libraries for Government Publications). The University is the legal custodian of government publications received under this program; however, these publications remain the property of the federal government.