Notes to SEFA
Title: Note 4: Federal Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Andrews University under programs of the federal government for the year ended April 30, 2024. The accompanying notes are an integral part of this Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Andrews University, it is not intended to and does not present the financial position, changes in net assets or cash flows of Andrews University. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Andrews University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan program listed subsequently is administered directly by the University, and balances and transactions relating to this program are included in the University’s consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at April 30, 2024, consists of: Federal Perkins Loans (84.038) - Balances oustanding at the end of the audit period were $339,049.