Title: Federal Perkins Loan Program and Loans for Disadvantaged Students
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) include the federal grant activity of Rowan University (the University) and is presented on the accrual basis of accounting. 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 (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the 2024 basic financial statements. The University has included expenditures on prior year grant awards where extensions have been granted from funding agencies or amounts were approved for outstanding purchase orders. Credit expenditures or expenditures occurring after the grant period end typically result from grant or contract closing adjustments and transfers to recognize awards for which the University overspent their authorized award amount and will cover the excess with institutional funds.
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 administers and accounts for certain aspects of the Federal Perkins Loan Program (ALN 84.038) and the Health Professions Student Loans, Including Primary Care Loans and Loans for Disadvantaged Students program (ALN 93.342). The University’s basic financial statements include the program’s net position and transactions. The balance of loans outstanding under these programs as of June 30, 2024 were as follows:
Federal Perkins Loan Program:
Beginning balance: $535,836
New Loans Issued: $0
Payments: $159,783
Assigned/accepted: $0
Cancellations: $0
Ending balance: $376,053
Health Professions Student Loans, including Primary Care Loans and Loans for Disadvantaged Students:
Beginning balance: $722,250
New Loans Issued: $70,000
Payments: $86,747
Assigned/accepted: $0
Cancellations: $0
Ending balance: $705,503
Title: Federal Direct Student Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) include the federal grant activity of Rowan University (the University) and is presented on the accrual basis of accounting. 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 (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the 2024 basic financial statements. The University has included expenditures on prior year grant awards where extensions have been granted from funding agencies or amounts were approved for outstanding purchase orders. Credit expenditures or expenditures occurring after the grant period end typically result from grant or contract closing adjustments and transfers to recognize awards for which the University overspent their authorized award amount and will cover the excess with institutional funds.
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 is responsible only for the performance of certain administrative duties with respect to Federal Direct Student Loans and, accordingly, these loans are not included in the University’s basic financial statements. It is not practical to determine the balance of Federal Direct Student Loans outstanding to students of the University as of June 30, 2024.
Title: Community Facilities Loans and Grants
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) include the federal grant activity of Rowan University (the University) and is presented on the accrual basis of accounting. 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 (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the 2024 basic financial statements. The University has included expenditures on prior year grant awards where extensions have been granted from funding agencies or amounts were approved for outstanding purchase orders. Credit expenditures or expenditures occurring after the grant period end typically result from grant or contract closing adjustments and transfers to recognize awards for which the University overspent their authorized award amount and will cover the excess with institutional funds.
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 was approved for United States Department of Agriculture (USDA) loan funding through the Community Facilities Loans and Grants Cluster (ALN 10.766). The University was required to obtain interim financing through the Gloucester County Improvement Authority (GCIA) and fund the construction of a new student center through the GCIA interim financing. Once the construction on the student center is substantially complete, USDA will payoff the GCIA interim financing directly, then the University will be required to pay USDA back over the term of the loan. Reimbursements to the University from the GCIA interim financing for the years ended June 30, 2024 and 2023 totaled $13,120,510 and $5,638,066, respectively. For the year ended June 30, 2024, $18,758,576 was the outstanding loan balance that will convert to the USDA loan.