Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the University and is presented 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts present in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Predetermined fixed facilities and administrative costs rates have been approved as follows: Period covered from 7/1/2019 to 6/30/2023. Based on Financial Information for fiscal year 2019. Predetermined rate - on campus 42%. Predetremined rate - off campus 15%
Federal student loans issued by the Federal Direct Loan Program during the year ended June 30, 2022 are summarized as follows: Federal Direct Loan Program: Federal Unsubsidized Loans $13,759,069 Federal Subsidized Loans 7,456,603 Federal Plus Loans 1,654,786. As of June 30, 2022, the University had loans outstanding, in the amount of $1,185,401 with an allowance for doubtful accounts of $16,953 under the Federal Perkins Loan Program