Notes to SEFA
Title: Basis of Presentation
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Predetermined fixed facilities and administrative costs rates have been approved as follows:
Period Covered From 7/1/2023 to 6/30/2027
Based on Financial Information for fiscal year 2023
Predetermined rate – on campus 42%
Predetermined rate – off campus 15%
These rates are applied to modified total direct costs (as defined by the agreement) for on-campus programs. The University does not utilize the 10% de minimis indirect cost rate.
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 requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 net position, changes in net position, or cash flows for the University.
Title: Federal Student 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Predetermined fixed facilities and administrative costs rates have been approved as follows:
Period Covered From 7/1/2023 to 6/30/2027
Based on Financial Information for fiscal year 2023
Predetermined rate – on campus 42%
Predetermined rate – off campus 15%
These rates are applied to modified total direct costs (as defined by the agreement) for on-campus programs. The University does not utilize the 10% de minimis indirect cost rate.
Federal student loans issued by the Federal Direct Loan Program during the year ended June 30, 2024 are summarized as follows: Federal Direct Loan Program: Federal Unsubsidized Loans $ 10,680,585 Federal Subsidized Loans $ 5,195,796 Federal Plus Loans $ 1,327,692 As of June 30, 2024, the University had loans outstanding, in the amount of $414,790 with an allowance for doubtful accounts of $27,154 under the Federal Perkins Loan Program.