Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Summary of Significant Accounting Policies:Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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 expenditure are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs:The University has elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
FEDERAL PERKINS LOAN PROGRAM - OUTSTANDING AS OF JANUARY 1, 2022 (84.038) - Balances outstanding at the end of the audit period were 295963. FEDERAL PERKINS LOAN PROGRAM - ISSUED DURING THE YEAR (84.038) - Balances outstanding at the end of the audit period were 295963. NURSING STUDENT LOANS - OUTSTANDING AS OF JANUARY 1, 2022 (93.364) - Balances outstanding at the end of the audit period were 3180622. NURSING STUDENT LOANS - ISSUED DURING THE YEAR (93.364) - Balances outstanding at the end of the audit period were 3180622. HEALTH PROFESSIONS STUDENT LOANS, INCLUDING PRIMARY CARE LOANS/LOANS FOR DISADVANTAGED STUDENTS (93.342) - Balances outstanding at the end of the audit period were 1807930. HEALTH PROFESSIONS STUDENT LOANS, INCLUDING PRIMARY CARE LOANS/LOANS FOR DISADVANTAGED STUDENTS (93.342) - Balances outstanding at the end of the audit period were 1807930.
Title: Basis of Presentation:
Accounting Policies: Summary of Significant Accounting Policies:Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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 expenditure are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs:The University has elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the University under programs of the federal government for the year ended December 31, 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 Requirements for Federal Awards (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 assets, or cash flows of the University.