Notes to SEFA
Title: Loan Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Youngstown State University (the University) under programs of the federal government for the year ended June 30, 2022. The information in the 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 (the Uniform Guidance). Because the Schedule 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. Expenditures reported in the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement, except for expenditures related to ALN 21.019, Coronavirus Relief Fund (CRF).CRF does not apply the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, but rather applies the U.S. Department of the Treasury's guidance. Pass-through entity identifying numbers are presented where available. The University has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance, and instead uses indirect cost rates ranging from 8 percent to26.3 percent per the respective grant agreements or current federally negotiated indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal Direct Loan Program The University participates in the Federal Direct Student Loan Program (84.268). The University originates but does not provide funding for federal direct loans (FDL). The amount presented on the schedule of expenditures of federal awards represents the value of new FDL processed by the University for the year ended June 30, 2022. Federal Perkins Loan Program The amount presented on the schedule of expenditures of federal awards for the Federal Perkins Loan Program (84.038) represents the value of new loans made or received during the audit period, plus the beginning of the audit period balance of loans from previous years for which the federal government imposes continuing compliance requirements. The amount outstanding for the Federal Perkins Loan Program at June 30, 2022 is $99,538. Total new loans disbursed under the Federal Perkins Loan Program for the fiscal year ended June 30, 2022 were $0.