Notes to SEFA
Title: Student Financial Assistance
Accounting Policies: Expeditures are reported on the Schedule on the accural basis of accounting. Such expeditures are recognized following the cost principles contained in the Uniform Guidance and/ or OMB Circular A-122, Cost Principles for Non-Profit Universities, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Information on student loans, by program, is presented below for the year ended June 30, 2024:
Loans Disbursed
Federal Direct Loan Program $ 8,714,219
Loans Outstanding
Federal Perkins Loans, net of allowance of $55,357 $ 166,071
The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program, and accordingly, loans under this program are not included in the University’s financial statements.