Notes to SEFA
Title: Loan Programs
Accounting Policies: General The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards programs of Truman State University (the University) for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented. For the purpose of the Schedule, federal awards include grants, contracts, loans, and loan agreements entered directly between the University and agencies and departments of the federal government or passed through other governmental agencies or other organizations. 2. Basis of Accounting and Relationships to the Financial Statements The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the financial statements of the University. Related federal financial reports are prepared on the cash basis of accounting. Federal financial assistance from the Federal Work Study, Federal Pell and Federal Supplemental Educational Opportunity Grant programs are reported in the University's financial statements as a federal grant revenues. The activity of the Federal Direct Student Loans Program is not included in the University's financial statements, as the benefits of these programs are awarded directly to students and not to the University.
De Minimis Rate Used: N
Rate Explanation: The Department of Health and Human Services has approved a maximumprovisional indirect cost rate of 43.0%. The University recovers indirect costs atthe maximum rate of 43.0% under federal programs that allow full indirect costreimbursement, and recovers indirect costs at varying rates below 43.0% on otherfederal programs that do not allow full indirect cost recovery. Total indirect costsrecovered under all federal programs were $209,987 for the year ended June 30,2022.
The University is responsible for the performance of certain administrativeduties with respect to the Federal Direct Loan Program; accordingly, it is notpractical to determine the balance of loans outstanding to students and formerstudents of the University under this program at June 30, 2022. The following schedule represents loans advanced by the University as of and forthe year ended June 30, 2022:CFDA AdvancesStudent Financial Aid:Department of Education:Federal Direct Loan Program 8 4.268 $ 9,706,849Federal Nursing Loan Program 9 3.364 15,270Federal Perkins Loan Program 8 4.038 Noyce NSF Forgivable Loan Program 47.076 Total $ 9,722,119Net Federal Perkins Loan Program and Federal Nursing Loan Program loansoutstanding at June 30, 2022 were $1,214,150 and $63,261, respectively.