Notes to SEFA
Title: Note 5 - Federal Loan Programs
Accounting Policies: Expenditures are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Perkins loan program expired on September 30, 2017. No additional disbursements were permitted after June 30, 2018. The University has elected to keep servicing the outstanding loans and remit excess cash (as defined) annually. The University is permitted to keep the institutional capital contribution amount and repurpose those funds.
The total Federal Perkins loans receivable at May 31, 2024 is $1,069,996,.
The Secretary of Education makes disbursements to students and parents for the Federal Direct Student Loans based on eligibility as determined by the University. This program is not administered directly by the university and is presented in the Schedule as the amount of new loans made during the fiscal year ending May 31, 2024 according to 200.502(c) of the Uniform Guidance.