Title: FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of the University. The SEFA includes all federal awards received directly from federal agencies as well as federal financial awards passed through other agencies. The SEFA includes the federal awards activity of the University and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Because the SEFA 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 position,or cash flows of the University.
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.
During the fiscal year ended June 30, 2024, the University issued new loans to students under the
Federal Direct Student Loan Program. The loan amounts issued during the year are disclosed on
the SEFA. The University is responsible only for the performance of certain administrative duties
with the respect to federally guaranteed student loan programs and accordingly, balances and
transactions relating to these loan programs are not included in the University’s basic financial
statements. Therefore, it is not practicable to determine the balance of loans outstanding to students
and former students of the University at June 30, 2024. In addition, the University participates in the Federal Perkins Loan Program. The Loan program
is directly administered by the University and balances and transactions relating to these programs
are included in the University’s basic financial statements. Loans outstanding at the beginning of
the year, loans made during the year and administrative cost allowance are included in the federal
expenditures presented in the SEFA. The outstanding balance at June 30, 2024 was $3,443,900.
There were no new loans issued through the Federal Perkins Program during the year ended June
30, 2024.
Title: NON-CASH ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of the University. The SEFA includes all federal awards received directly from federal agencies as well as federal financial awards passed through other agencies. The SEFA includes the federal awards activity of the University and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Because the SEFA 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 position,or cash flows of the University.
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 did not receive any federal non-cash assistance during the fiscal year ended June
30, 2024.
Title: INSURANCE PAYMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of the University. The SEFA includes all federal awards received directly from federal agencies as well as federal financial awards passed through other agencies. The SEFA includes the federal awards activity of the University and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Because the SEFA 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 position,or cash flows of the University.
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.
There was no federally-funded insurance in effect during the fiscal year ended June 30, 2024.
Title: FEDERAL DEPOSITORY LIBRARY PROGRAM
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of the University. The SEFA includes all federal awards received directly from federal agencies as well as federal financial awards passed through other agencies. The SEFA includes the federal awards activity of the University and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Because the SEFA 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 position,or cash flows of the University.
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’s Library serves as a depository library for the U.S. Government Publishing
Office’s Federal Depository Library Program. The University is the legal custodian of government
publications received under this program, however, these publications remain the property of the
federal government.