Notes to SEFA
Title: 4. Federal Direct Student Loans (Assistance listing #84.268)
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
award activity of Alaska Pacific University under programs of the federal government for the year ended
June 30, 2024. 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). Because the Schedule
presents only a selected portion of the operations of Alaska Pacific University, it is not intended to and
does not present the financial position, changes in net assets or cash flows of Alaska Pacific University. 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.
De Minimis Rate Used: N
Rate Explanation: Alaska Pacific University has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Alaska Pacific University is responsible for the performance of certain administrative duties with
respect to the Federal Direct Student Loan Program. Amounts relating to this program are not
included in the University’s basic financial statements. Loans distributed to students of the
University under this program during the year ended June 30, 2024 are summarized as follows:
Amounts Disbursed
Direct Subsidized Loans $ 604,249
Direct Unsubsidized Loans 1,388,960
Direct PLUS Loans 93,420
Total $ 2,086,629
Title: 5. Disaster Grants
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
award activity of Alaska Pacific University under programs of the federal government for the year ended
June 30, 2024. 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). Because the Schedule
presents only a selected portion of the operations of Alaska Pacific University, it is not intended to and
does not present the financial position, changes in net assets or cash flows of Alaska Pacific University. 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.
De Minimis Rate Used: N
Rate Explanation: Alaska Pacific University has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
After a presidentially declared disaster, FEMA provides Disaster Grants – Public Assistance
(Presidentially Declared Disasters) (ALN 97.036) to reimburse eligible costs associated with repair,
replacement or restoration of disaster-damaged facilities. In 2024, FEMA approved $157,829 in
eligible expenditures that were incurred in the prior fiscal year, which are included on the Schedule
of Expenditures of Federal Awards (SEFA).