Notes to SEFA
Title: Loans Outstanding
Accounting Policies: 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: Shenandoah University has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal student loan programs listed subsequently are administered directly by Shenandoah University, and balances and transactions relating to these programs are included in Shenandoah University’s basic 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. See notes to the SEFA for chart.