Title: Federal Student Loan Program
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Vincennes University (University) under programs of the federal government for the year ending June 30, 2022. 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 Requirement for Federal Awards (Uniform Guidance). For purposes of the Schedule, federal awards include all federal assistance and procurement relationships entered into directly between the University and the federal government and sub-awards from non-federal organizations made under federally sponsored agreements. The Schedule presents only a selective portion of the activities of the University; therefore, it is not intended to and does not present the financial position, change in financial position, or cash flow of the University. Expenditures for non-loan assistance made to students are recognized and reported in the Schedule of Expenditures of Federal Awards.Student loan programs are funded by the federal government under various programs; e.g., Perkins Student Loan Program and Nursing Student Loan Program. Activity related to these loan programs include federal and university capital contributions, loan repayments, interest earned on loans, cancellation of loans, and administrative and collection costs. Expenditures reported on the schedule are reported on the accrual basis of accounting. These expenditures are recognized following the cost principles contained in the Uniform Guidance, whereas, certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Vincennes University has an approved indirect cost rate of 39.70% for on-campus programs and 10.30% for off- campus programs using a modified total direct cost basis. The Universitys cognizant agency is Health and Human Services. The effective period for these rates is July 1, 2021 through June 30, 2025.
The University participates in various loan programs. The University maintains revolving loan funds for the Perkins and Nursing Student Loan Programs. The Perkins Loan and the Nursing Student Loan Programs are administered by the University. The balances and transactions related to these programs are included in the Universitys financial statements; therefore, the federal expenditures include the entire amount reported in the loan fund which also includes the outstanding loans to students. The following schedule represents loans outstanding as of June 30, 2022: Federal CDFA Program Title Loans Number Outstanding Federal Perkins Loan Program Federal Capital 84.038 Nursing Student Loans 93.364 $ 307,525 14,262 See Notes to SEFA for Table.
Title: Federal Direct Student Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Vincennes University (University) under programs of the federal government for the year ending June 30, 2022. 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 Requirement for Federal Awards (Uniform Guidance). For purposes of the Schedule, federal awards include all federal assistance and procurement relationships entered into directly between the University and the federal government and sub-awards from non-federal organizations made under federally sponsored agreements. The Schedule presents only a selective portion of the activities of the University; therefore, it is not intended to and does not present the financial position, change in financial position, or cash flow of the University. Expenditures for non-loan assistance made to students are recognized and reported in the Schedule of Expenditures of Federal Awards.Student loan programs are funded by the federal government under various programs; e.g., Perkins Student Loan Program and Nursing Student Loan Program. Activity related to these loan programs include federal and university capital contributions, loan repayments, interest earned on loans, cancellation of loans, and administrative and collection costs. Expenditures reported on the schedule are reported on the accrual basis of accounting. These expenditures are recognized following the cost principles contained in the Uniform Guidance, whereas, certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Vincennes University has an approved indirect cost rate of 39.70% for on-campus programs and 10.30% for off- campus programs using a modified total direct cost basis. The Universitys cognizant agency is Health and Human Services. The effective period for these rates is July 1, 2021 through June 30, 2025.
The Schedule includes Federal Direct Student loans which were not made by the University, but were received by its students. The University is responsible only for the performance of certain administrative duties with respect to these loans. The number of guaranteed loans and the total amount processed for each Direct Loan Program for the year ended June 30, 2022, were as follows: Number ofProgram Title Students Loan AmountDirect Loan Program (Subsidized and Unsubsidized) 1,618 $ 9 ,738,442Direct PLUS Loans (Parent(PLUS) and Graduate PLUS) 212 1,952,857Total $ 1 1,691,299 See Notes to SEFA for Table.