Notes to SEFA
Title: Federal Student Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant 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.
De Minimis Rate Used: N
Rate Explanation: Predetermined fixed facilities and administrative costs rates have been approved as follows: Period covered: from 7/1/2020 until amended: based on financial information for fiscal year 2020. Predetermined rate - on campus 52.5%. Predetermined rate - off campus 25%. These rates are applied to direct salaries and wages, excluding all fringe benefit costs, for on-campus programs.
The University does not utilize the 10% de Minimis indirect cost rate.
The University is responsible for the performance of certain administrative duties with respect to the Federal Direct Loan Program; accordingly, it is not practical to determine the balance of loans outstanding to students and former students of the University under this program at June 30, 2024. The following schedule represents loans outstanding and advanced by the University as of and for the year ended June 30, 2024: Department of Education:
Student Financial Aid Cluster
Federal Perkins Loan
84.038 CFDA
$250,004 Advances
Federal Direct Loan Program
84.268 CFDA
36,501,524
36,751,528
Department of Health and Human Services:
Student Nursing Loan Program
93.364 CFDA
453,203 Adances
$37,204,731