Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalawards activity of the University under programs of the federal government for the year endedMay 31, 2022. The information in the Schedule is presented in accordance with the requirementsof Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the University it is not intended toand does not present the financial position, changes in net assets, or cash flows of the University.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. TheUniversity has elected not to use the 10% de minimis indirect cost rate as allowed under theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal loan programs listed subsequently are administered directly by the University, and balances and transactions relating to those programs are included in the Universitys accompanying consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 866492. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 259724.