Title: Note 4 - Federal Direct Student Loans
Accounting Policies: Basis of accounting - Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The University has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Federal Direct Student Loans, amounting to $8,472,008, were made to students of the University during the year ended June 30, 2022. Included in this amount are Parent Loans for Undergraduate Studies, amounting to $3,538,757, that were made to parents of students of the University during the year ended June 30, 2022.
Title: Note 1 - Basis of Presentation
Accounting Policies: Basis of accounting - Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The University has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "schedule") includes the federal grant activity of Furman University (the "University") under programs of the federal government for the year ended June 30, 2022. 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 consolidated statements of financial position, activities, and cash flows of the University. The University has not passed through any federal or state funding to any subrecipients.
Title: Note 3 - Federal Perkins Loan
Accounting Policies: Basis of accounting - Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The University has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The University administers the Federal Perkins Loan Program to provide financial aid to the students and transactions relating to this program are included in the University's consolidated financial statements. The loan balance outstanding and funds advanced by the University during the year ended June 30, 2022 under the Federal Perkins Loan program is summarized below. The University has began the process of liquidating the University's Perkins loan portfolio. See Notes to the SEFA for chart/table.
Title: Note 5 - Campus-Based Waivers/Reallocation and FSEOG Emergency Aid Grants
Accounting Policies: Basis of accounting - Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The University has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Section 3503 of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") waived the institutional share (match) requirement associated with the Federal Work-Study ("FWS") and Federal Supplemental Educational Opportunity Grant ("FSEOG") programs for the 2021-2022 award year. As a result of the waiver, the FWS and FSEOG amounts on the schedule reflect 100% of expenditures for the year ended June 30, 2022.
Title: Note 6 - Higher Education Emergency Relief Fund (Continued)
Accounting Policies: Basis of accounting - Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The University has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The CARES Act created a Higher Education Emergency Relief Fund ("HEERF") to provide financial relief to students and institutions who were impacted by the COVID-19 pandemic. The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) and the American Rescue Plan (ARP) provided additional rounds of HEERF (II and III). The HEERF funds contained two components, an institutional award and a student aid award. The following cumulative amounts have been awarded as HEERF as of June 30, 2022: See Notes to the SEFA for chart/table. The University expended the following funds for the year ended June 30, 2022: See Notes to the SEFA for chart/table.