Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: (1) 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.(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal student loan program listed below are administered directly by the University, and balances and transactions relating to these programs are included in the Universitys basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Due to the expiration of the Federal Perkins Loan Program on September 30, 2017, the University did not disburse any Perkins loans to students during the year-ended June 30, 2022. Schools have the option of continuing to collect on outstanding loan balances or can voluntarily liquidate the program. The University has begun the Perkins liquidation process. Additionally, the University is required to periodically return excess cash on hand from the program to the Department of Education.
Title: Loan/loan guarantee outstanding balances
Accounting Policies: (1) 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.(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 28286.