Notes to SEFA
Title: Direct and Other Loan Programs
Accounting Policies: 1.BASIS OF PRESENTATIONThe accompanying schedules of expenditures of federal awards and state financial assistance include the federal and state award activity of the University under programs of the federal and New Jersey state government for the year ended June 30, 2022. The information in these schedules 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) and State of New Jersey, Department of the Treasury, OMB Policy Circular 15-08-OMB (NJ Circular 15-08-OMB). Because the schedules present only a selected portion of the operations of the University, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the University.2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedules of expenditures of federal awards and state financial assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and NJ Circular 15-08-OMB, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has a federally negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate as covered in section 200.414 in the Uniform Guidance.
The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program and the New Jersey College Loans to Assist State Students Program and, accordingly, these loans are not included in its basic consolidated financial statements. Loan amounts included in the schedule of expenditures of federal awards and schedule of expenditures of state financial assistance represent only new loans advanced in the current year. It is not practical to determine the balance of loans outstanding to students of the University under these programs at June 30, 2022.