Title: FEDERAL PERKINS LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). The accompanying schedule ofexpenditures of State of New Jersey awards has been prepared in accordance with the requirements of the State of New Jersey Department of the Treasury Circular 15-08, Single Audit Policy for Recipients ofFederal Grants, State Grants and State Aid. The purpose of these schedules is to present the respectiveexpenditures of federal and State of New Jersey programs, under the accrual basis of accounting, of theUniversity for the year ended June 30, 2023. For purposes of these schedules, Federal and State of New Jersey awards include any assistance provided by a Federal or State of New Jersey agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property,interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because these schedules present only a selected portion of the activities of the University, they are not intended to, anddo not, present either the net position of the University at June 30, 2023, or its changes in net position andcash flows for the year then ended.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Perkins Loan Program Federal Assistance Listing Number 84.038 Balance as of July 1, 2022 $1,579,251 Loans Issued $- Payments Received $(469,306) Balance as of June 30, 2023 $1,109,945
Title: FEDERAL DIRECT LOAN PROGRAM AND NEW JERSEY COLLEGE LOANS TO ASSIST STATE STUDENTS (“NJ CLASS”)
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). The accompanying schedule ofexpenditures of State of New Jersey awards has been prepared in accordance with the requirements of the State of New Jersey Department of the Treasury Circular 15-08, Single Audit Policy for Recipients ofFederal Grants, State Grants and State Aid. The purpose of these schedules is to present the respectiveexpenditures of federal and State of New Jersey programs, under the accrual basis of accounting, of theUniversity for the year ended June 30, 2023. For purposes of these schedules, Federal and State of New Jersey awards include any assistance provided by a Federal or State of New Jersey agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property,interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because these schedules present only a selected portion of the activities of the University, they are not intended to, anddo not, present either the net position of the University at June 30, 2023, or its changes in net position andcash flows for the year then ended.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan program and NJ CLASS program and has no responsibility to collect these loans. Accordingly, these loans 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 these programs as of June 30, 2023.