Title: Federal Direct Student Loans
Accounting Policies: The accompanying schedules of expenditures of Federal and State of New Jersey awards include the Federal and State of New Jersey grant activity of The College of New Jersey (the College) and are presented on the accrual basis of accounting. The information in these schedules 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 and New Jersey Office of Management and Budget Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the 2022 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2022, the College did not elect to use the 10% de minimis indirect cost rate.
The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans program and, accordingly, these loans are not included in the Colleges basic financial statements. It is not practical to determine the balance of loans outstanding to students of the College under this program as of June 30, 2022.
Title: Federal Perkins Loan and Nursing Student Loan Programs
Accounting Policies: The accompanying schedules of expenditures of Federal and State of New Jersey awards include the Federal and State of New Jersey grant activity of The College of New Jersey (the College) and are presented on the accrual basis of accounting. The information in these schedules 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 and New Jersey Office of Management and Budget Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the 2022 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2022, the College did not elect to use the 10% de minimis indirect cost rate.
The College administers and accounts for certain aspects of the Federal Perkins Loan and Nursing Student Loan programs. The balance of loans outstanding under these programs as of June 30, 2022 are as follows: NURSING STUDENT LOANS (93.364) - Beginning balance - $193,055, plus new loans issued-$9,900, less repayments-$64,754, equals balances outstanding at the end of the audit period-$138,201. FEDERAL PERKINS LOANS (84.038) - Beginning balance - $2,046,893, plus new loans issued-$0, less repayments-$489,646, less cancellations-$24,095, equals balances outstanding at the end of the audit period-$1,533,152.