Notes to SEFA
Title: Federal Perkins Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of the University under programs of the federal government for the year ended June 30, 2023. 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). Becuase the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the 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.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The University administers the Federal Perkins Loan Program (the Program). There were no disbursements for loans to students and no administrative cost allowances during the year ended June 30, 2023. The loan balance outstanding at June 30, 2023, was $96,647.No further loan disbursements can be made due to regulation changes to the Program. Schools have the option of continuing to collect on outstanding loan balances or can voluntarily liquidate the Program. The University has started the Program liquidation process.