Notes to SEFA
Title: Federal Perkins Loan Program, Nursing Student Loans, and Nurse Faculty Loan
Accounting Policies: Expenditures for federal student award programs are recognized as incurred and include the Federal Pell Grant Program, Federal Supplemental Educational Opportunity Grants, Federal Work-Study Program, and Teacher Education Assistance for College and Higher Education Grants administrative cost allowances. The University also administers loans to certain eligible students under federal student loan programs, and federally guaranteed loans are issued to students or to parents of students of the University by various financial institutions.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
The University participates in the Federal Perkins Loan Program as well as the U.S. Department of Health and Human Services Nurse Faculty Loan and Nursing Student Loans programs. Although the Perkins Loan Program ended on September 30, 2018, prohibiting disbursements after June 30, 2019, the University continues to service the outstanding loans. The following information details the amounts shown per the Schedule and the outstanding balances of the loans as of June 30, 2022: See the notes to the SEFA for chart/table. For the Federal Perkins Loan Program, the Nursing Student Loans, and the Nurse Faculty Loan Program, the amounts reported in the Schedule represent the beginning of year outstanding balances plus the current year advances. FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 646393. NURSE FACULTY LOAN PROGRAM (93.264) - Balances outstanding at the end of the audit period were 466859. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 244333.
Title: Federal Direct Student Loans
Accounting Policies: Expenditures for federal student award programs are recognized as incurred and include the Federal Pell Grant Program, Federal Supplemental Educational Opportunity Grants, Federal Work-Study Program, and Teacher Education Assistance for College and Higher Education Grants administrative cost allowances. The University also administers loans to certain eligible students under federal student loan programs, and federally guaranteed loans are issued to students or to parents of students of the University by various financial institutions.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
The University acts as the intermediary for students participating in the Federal Direct Student Loans (Federal Assistance Listing 84.268) from the federal government. The federal government is responsible for billings and collections of the Federal Direct Student Loans. The University assists the federal government by processing the applications and applying funds to student accounts. Federal Direct Student Loans advanced to students during the fiscal year ended June 30, 2022, totaled $17,160,062. See the Notes to the SEFA for chart/table
Title: Basis of Presentation
Accounting Policies: Expenditures for federal student award programs are recognized as incurred and include the Federal Pell Grant Program, Federal Supplemental Educational Opportunity Grants, Federal Work-Study Program, and Teacher Education Assistance for College and Higher Education Grants administrative cost allowances. The University also administers loans to certain eligible students under federal student loan programs, and federally guaranteed loans are issued to students or to parents of students of the University by various financial institutions.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). For purposes of the Schedule, federal awards include all grants, contracts, loans, and similar agreements entered into directly between the University and agencies and departments of the federal government.