Title: FEDERAL PERKINS LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards (“Uniform Guidance”). The accompanying schedule of expenditures of State of New Jersey awards has been prepared in accordance with the requirements of the State of New Jersey Department of the Treasury Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid (“NJ Circular 15-08). For the purposes of complying with the Uniform Guidance and NJ Circular 15-08, the accounts and transactions of Bloomfield, as defined in Note 1 to the basic financial statements, are excluded. Therefore, the expenditures of federal and State of New Jersey awards of Bloomfield are not included in the accompanying schedules of expenditures of federal and State of New Jersey awards. The purpose of these schedules is to present the respective expenditures of federal and State of New Jersey programs, under the accrual basis of accounting, of the University for the year ended June 30, 2024. For purposes of these schedules, Federal and State of New Jersey awards include any assistance provided by a federal or State of New Jersey agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because these schedules present only a selected portion of the activities of the University, they are not intended to, and do not, present either the net position of the University at June 30, 2024, or its changes in net position or cash flows for the year then ended. Accordingly, some amounts presented in the respective schedules may differ from amounts presented in, or used in the preparation of, the University’s June 30, 2024 financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Perkins Loan Program Federal Assistance Listing Number 84.038 Balance as of July 1, 2023 $ 1,109,945, Loans Issued $-,
Payments Received $321,809, Balance as of June 30, 2024 $788,136
Title: FEDERAL DIRECT LOAN PROGRAM AND NEW JERSEY COLLEGE LOANS TO ASSIST
STATE STUDENTS (“NJ CLASS”)
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards (“Uniform Guidance”). The accompanying schedule of expenditures of State of New Jersey awards has been prepared in accordance with the requirements of the State of New Jersey Department of the Treasury Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid (“NJ Circular 15-08). For the purposes of complying with the Uniform Guidance and NJ Circular 15-08, the accounts and transactions of Bloomfield, as defined in Note 1 to the basic financial statements, are excluded. Therefore, the expenditures of federal and State of New Jersey awards of Bloomfield are not included in the accompanying schedules of expenditures of federal and State of New Jersey awards. The purpose of these schedules is to present the respective expenditures of federal and State of New Jersey programs, under the accrual basis of accounting, of the University for the year ended June 30, 2024. For purposes of these schedules, Federal and State of New Jersey awards include any assistance provided by a federal or State of New Jersey agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other non-cash assistance. Because these schedules present only a selected portion of the activities of the University, they are not intended to, and do not, present either the net position of the University at June 30, 2024, or its changes in net position or cash flows for the year then ended. Accordingly, some amounts presented in the respective schedules may differ from amounts presented in, or used in the preparation of, the University’s June 30, 2024 financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The University is responsible only for the performance of certain administrative duties with respect to theFederal Direct Loan program and NJ CLASS program and has no responsibility to collect these loans. Accordingly, these loans are not included in the University’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the University under these programs as ofJune 30, 2024.