Notes to SEFA
The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), on the accrual basis of accounting consistent with the basis of accounting used by the University in the preparation of its financial statements. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The outstanding loan balance for the Federal Perkins Loan Program at July 31, 2024 was $-0-, net of the allowance for uncollectible loans of $6,020. Total loan disbursements for the program for the year ended July 31, 2024, were $-0-.
During the fiscal year ending July 31, 2024, the University processed $19,052,770 of new loans under the Federal Direct Loans program (which includes subsidized and unsubsidized Stafford Loans, Parents for Undergraduate Students, and Supplemental Loans for Students).
The University received a waiver from the U.S. Department of Education and elected not to provide matching funds for the Federal Supplemental Educational Opportunity Grants program during the fiscal year ended July 31, 2024.