Notes to SEFA
Title: FEDERAL LOANS DISBURSED
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal award activity of Piedmont University (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 financial statements.
There were no noncash awards in the current year.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate for allocation.
The University participates in the Federal Direct Loan Program, including Federal Stafford Loans (Stafford) and Federal PLUS Loans (PLUS). The dollar amounts are listed in the schedule of expenditures of federal awards, although the University is not the recipient of
the funds. Such programs are considered a component of the student financial assistance cluster. Loans processed by the University under this Loan Program were the following for the year ended June 30, 2024:
Federal Direct Loan Program:
Stafford:
Subsidized $ 2,714,876
Unsubsidized 11,660,916
PLUS 2,267,339
GRAD PLUS 274,817
Total Federal Direct Loan Program $ 16,917,948