Notes to SEFA
Title: STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Dominican University New York (the University) under programs of the federal government for the year ended June 30, 2022 and is prepared 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). 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.
De Minimis Rate Used: N
Rate Explanation: For the grants obtained through the United States Department of Health and Human Services the University has elected to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The federal student loan program listed below is administered directly by the University, and balances and transactions relating to this program are included in the Universitys financial statements. Loan activities and balances consist of the following [see notes to the schedule of expenditures of federal awards for table]. The ending perkins loan balance as of June 30, 2022 was $190,133. There were no new federal capital contributions during the year ended June 30, 2022. On September 30, 2015, the Federal Perkins Loan Program expired. It was then extended on December 18, 2015 under The Perkins Loan Extension Act of 2015 to permit institutions to issue new loans, under amended guidelines, until September 30, 2017. No new Perkins loans can be issued under this Act subsequent to September 30, 2017. In addition, as part of this Act, prior to October 1, 2017, the University is required to annually return the federal share of excess liquid capital, as defined, to the federal government. Beginning on October 1, 2017, the federal share of all Perkins funds, including future collections of principal and interest, must be returned to the federal government.