Notes to SEFA
Title: Note 5. USDA Loan Program
Accounting Policies: Expenditures for federal student financial aid programs are recognized as incurred and include the federal share of students’ FSEOG program grants and FWS program earnings, certain other federal financial aid for students, and administrative cost allowances, where applicable. Federal Pell Grant awards and Direct Loans are recognized as agency transactions and are not recorded as expenditures in the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in this schedule. The balance of loans outstanding at the end of the audit period with compliance requirements included in this schedule total $35,113,124.
Title: Note 4. Federal Perkin Loan (FPL) Program
Accounting Policies: Expenditures for federal student financial aid programs are recognized as incurred and include the federal share of students’ FSEOG program grants and FWS program earnings, certain other federal financial aid for students, and administrative cost allowances, where applicable. Federal Pell Grant awards and Direct Loans are recognized as agency transactions and are not recorded as expenditures in the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University participated in the FPL Program sponsored by the U.S. government. Under this program, funds were loaned to qualified students and were re-loaned after collection. The U.S. government phased out the program and no disbursements were permitted or made after June 30, 2018. At June 30, 2024, cumulative loans outstanding (net of principal repayments, cancellations, and allowances) totaled $31,476.
Title: Note 3. Federal Direct Loan Program
Accounting Policies: Expenditures for federal student financial aid programs are recognized as incurred and include the federal share of students’ FSEOG program grants and FWS program earnings, certain other federal financial aid for students, and administrative cost allowances, where applicable. Federal Pell Grant awards and Direct Loans are recognized as agency transactions and are not recorded as expenditures in the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University is responsible only for the performance of certain administrative duties with respect to its Federal Direct Loan program and, accordingly, these loans are not included in its financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the University under these programs as of June 30, 2024.