Notes to SEFA
Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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, 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-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Basis of Presentation: The accompanying schedule of expenditures of federal awards (the “Schedule”)
includes the federal award activity of 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 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The University has elected not to use
the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 2 - FEDERAL LOAN PROGRAMS
Accounting Policies: 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, 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-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University participates in the Federal Direct Students Loan Program (84.268) which includes Direct
Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans. The University originates but does
not provide funding for Federal Direct Student Loans.
The amount outstanding for the Federal Perkins Loan Program at June 30, 2024 and 2023 is $272,319 and
$399,740, respectively. There were no new Perkins loan advances in the fiscal year ended June 30, 2024.
The amount outstanding for the Nursing Faculty Loan Program at June 30, 2024 and 2023 is $2,605 and
$3,181, respectively. There were no new loans disbursed under the Nursing Faculty Loan Program for the
fiscal year ended June 30, 2024.