Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: General The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards programs of Logan University, Inc. (the University). The information in this Schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. 2. Basis of Accounting The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to the financial statements of the University. 3. Relationship to the Financial Statement Federal financial assistance revenues from the Federal Work Study and the Federal Supplemental Educational Opportunity Grant programs are reported in the University's financial statements as federal grant revenue. The activity of the Federal Direct Loan Program and Federal Pell Grant programs are not included in the University's financial statements, as the benefits of these programs are awarded directly to students and not to the University.
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 the Federal Direct Loan Program and accordingly, it is not practical to determine the balance of loans outstanding to students and former students of the University under this program at August 31, 2022. The following schedule represents loans advanced by the University as of and for the year ended August 31, 2022: AL Advances Student Financial Aid: Department of Education: Federal Direct Loan Program 84.268 $48,560,505. The above advances are included as federal expenditures in the Schedule. AtAugust 31, 2022, there was $1,234,081 outstanding under the Federal PerkinsLoan Program.