Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For the purposes of the Schedule, federal awards include all federal assistance entered into directly between the School and the federal government and also between the School and other primary federal awards recipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 29157492.
Title: Loan/Loan Guarentee Outstanding Balances
Accounting Policies: The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For the purposes of the Schedule, federal awards include all federal assistance entered into directly between the School and the federal government and also between the School and other primary federal awards recipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The School is only responsible for the performance of certain administrative duties with respect to the Federal Direct Student Loans (CFDA # 84.268). Therefore, the transactions and the balances of loans outstanding related to this program are not included in the Schools consolidated financial statements. The Schedule includes amounts loaned to students during the year ended June 30, 2022.
Title: HIGHER EDUCATION EMERGENCY RELIEF FUND
Accounting Policies: The Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For the purposes of the Schedule, federal awards include all federal assistance entered into directly between the School and the federal government and also between the School and other primary federal awards recipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The School received funds for student and institutional purposes under the Higher Education Relief Fund program (HEERF). These funds are administered directly by the School. Amounts expenses for the year ended June 30, 2022, for both the student and institutional portion are included in federal expenditures presented in the Schedule.