Notes to SEFA
Title: NOTE C - LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the federal grant expenditures of Adelphi University and subsidiary (collectively, the “University”) for the year ended August 31, 2023. The Schedule was prepared using the accrual basis of accounting and is in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to utilize the federal minimum indirect cost rate (i.e., 10%) allowed under Uniform Guidance.
The federal student loan programs listed below are administered directly by the University, and balances and transactions related to these programs are included in the University’s consolidated financial statements. Loan activities and balances consist of the following:
Program Name Balance at 8/31/2022 Loan Issued Payments Received Balance as 08/31/2023
Perkins Loans Program $ 1,471,108 $ - $ (469,655) $ 1,001,453
Faculty Nursing Loan Program 3,195,519 402,490 (173,120) 3,424,889
Nursing Student Loan Program 662,587 56,000 (120,468) 598,119
Totals $ 5,329,214 $ 458,490 $ (763,243) $ 5,024,461
During the year ended August 31, 2023, the University processed $65,254,837 of new loans under the Federal Direct Student Loan Program, which superseded and replaced the Federal Family Education Loan Program as of July 1, 2010 (it also includes Federal Parents’ Plus Loans for Undergraduate Students and Graduate Plus Loans for Graduate Students). The University is responsible only for performance of certain administrative duties with respect to the Direct Loan Program and, accordingly, the value of these loans is not reflected in the University’s accompanying consolidated financial statements. It is not practical to determine the balance of loans outstanding to students of the University under these programs.