Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: activity of the University under programs of the federal government for the year ended June 30, 2022. Theinformation in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion 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 UniversityExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following, as applicable, the cost principles contained in Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 2239715.