Title: Federal Perkins Loan Program (CFDA Number 84.038)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) summarizes the expenditures of the University under programs of the federal government for the year ended June 30, 2022 and is presented on the accrual basis of accounting. The information in the SEFA is presented in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards. Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in, the preparation of the basic financial statements.For purposes of the SEFA, federal awards include all grants, contracts, and similar agreements entered into directly between the University and the federal government. Student financial aid includes certain awards to provide financial aid to students, primarily under the Federal Work-Study (FWS), Federal Pell Grant (Pell) and Federal Supplemental Educational Opportunity Grant (FSEOG) grant programs of the U.S. Department of Education. The University also receives awards to make loans to eligible students under the Federal Direct Loan Program (Direct Loan).
De Minimis Rate Used: N
Rate Explanation: The University elected not to use the 10-percent de minimis indirect cost rate.
The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to the program are included in the Universitys financial statements. The balance of loans outstanding under the Federal Perkins Loan program was $199,416 at June 30, 2022. Federal Family Education Loan Program (FFELP) and direct loans are not included in the Universitys financial statements, though the University is responsible for the performance of certain administrative duties with respect to the FFELP and Direct Loan programs.
Title: Federal Direct Student Loan Program (CFDA Number 84.268)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) summarizes the expenditures of the University under programs of the federal government for the year ended June 30, 2022 and is presented on the accrual basis of accounting. The information in the SEFA is presented in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards. Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in, the preparation of the basic financial statements.For purposes of the SEFA, federal awards include all grants, contracts, and similar agreements entered into directly between the University and the federal government. Student financial aid includes certain awards to provide financial aid to students, primarily under the Federal Work-Study (FWS), Federal Pell Grant (Pell) and Federal Supplemental Educational Opportunity Grant (FSEOG) grant programs of the U.S. Department of Education. The University also receives awards to make loans to eligible students under the Federal Direct Loan Program (Direct Loan).
De Minimis Rate Used: N
Rate Explanation: The University elected not to use the 10-percent de minimis indirect cost rate.
Students received new Federal Direct Student Loans (Direct Loans) totaling $6,465,649 from the U.S. Department of Education during the year ended June 30, 2022. The University is responsible only for the performance of certain administrative duties with respect to its participation in the Direct Loans program and, accordingly, these loans are not included in its basic financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the University under this program as of June 30, 2022.
Title: Matching
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) summarizes the expenditures of the University under programs of the federal government for the year ended June 30, 2022 and is presented on the accrual basis of accounting. The information in the SEFA is presented in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards. Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in, the preparation of the basic financial statements.For purposes of the SEFA, federal awards include all grants, contracts, and similar agreements entered into directly between the University and the federal government. Student financial aid includes certain awards to provide financial aid to students, primarily under the Federal Work-Study (FWS), Federal Pell Grant (Pell) and Federal Supplemental Educational Opportunity Grant (FSEOG) grant programs of the U.S. Department of Education. The University also receives awards to make loans to eligible students under the Federal Direct Loan Program (Direct Loan).
De Minimis Rate Used: N
Rate Explanation: The University elected not to use the 10-percent de minimis indirect cost rate.
Under the FSEOG program, the University matched $86,685 in funds awarded to students for the year ended June 30, 2022, in addition to the federal share of expenditures included in the accompanying schedule.Under the FWS program, the University matched $33,395 in total compensation to students for the year ended June 30, 2022, in addition to the federal share of expenditures included in the accompanying schedule.