Notes to SEFA
Title: LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Northern Michigan University (the "University") under programs of the federal government for the year ended June 30, 2024. 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 the University, it is not intended to and does not present the financial position, changes in net position or cash flows of the University. Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note A to the University's financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance or other applicable guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the University has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
Perkins Loans are "measured" by total loans outstanding ($2,121,304) at June 30, 2023, plus new loans awarded ($0) during the year ended June 30, 2024. The outstanding balance of Perkins Loans as of June 30, 2024 was $1,180,978.