Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant expenditure activity of Western University of Health Sciences and its subsidiaries for the year ended June 30, 2022, and is presented using the accrual basis of accounting. The information is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. The Schedule presents only a selected portion of the operations of the University, and it is not intended to, and does not, present the financial position, change in net assets, or cash flows of the University. Pass-through entity identifying numbers are presented where available. The University has elected to not use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.U00) - Balances outstanding at the end of the audit period were 383,189. HEALTH PROFESSIONS STUDENT LOANS, INCLUDING PRIMARY CARE LOANS/LOANS FOR DISADVANTAGED STUDENTS (93.342) - Balances outstanding at the end of the audit period were 33,043,800. HEALTH PROFESSIONS STUDENT LOANS, INCLUDING PRIMARY CARE LOANS/LOANS FOR DISADVANTAGED STUDENTS (93.342) - Balances outstanding at the end of the audit period were 5,290,315. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 96,987. NURSE FACULTY LOAN PROGRAM (NFLP) (93.264) - Balances outstanding at the end of the audit period were 2,026,796.
Title: NOTE B - ADMINISTRATIVE COST ALLOWANCES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant expenditure activity of Western University of Health Sciences and its subsidiaries for the year ended June 30, 2022, and is presented using the accrual basis of accounting. The information is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. The Schedule presents only a selected portion of the operations of the University, and it is not intended to, and does not, present the financial position, change in net assets, or cash flows of the University. Pass-through entity identifying numbers are presented where available. The University has elected to not use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2022, the University claimed $0 of administrative cost allowance in the Federal Perkins Loan Program.
Title: NOTE C - FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant expenditure activity of Western University of Health Sciences and its subsidiaries for the year ended June 30, 2022, and is presented using the accrual basis of accounting. The information is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. The Schedule presents only a selected portion of the operations of the University, and it is not intended to, and does not, present the financial position, change in net assets, or cash flows of the University. Pass-through entity identifying numbers are presented where available. The University has elected to not use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers the following federal loan programs. The balances and transactions related to these programs are included in the University's consolidated financial statements. The amounts reflected in the Schedule for the various loan programs represent the balance outstanding at the beginning of the fiscal year, plus any new loans issued, plus any administrative cost allowances claimed against the loan program. Outstanding Balances as of June 30, 2022 Federal Perkins Loan Program 84.038 $ 383,189 Health Professions Student Loans, including Primary Care Loans 93.342 $ 33,043,800, Loans for Disadvantaged Students 93.342 $ 5,290,315, Nursing Student Loans 93.364 $ 96,987 Nurse Faculty Loan Program 93.264 $ 2,026,796. During the year ended June 30, 2022, the University processed the following amount of new Federal Direct student loans 84.268 $ 204,896,280. The University is responsible for the performance of certain administrative duties with respect to these federally guaranteed student loan programs. However, balances and transactions relating to these loans are not included in the University's consolidated financial statements.
Title: NOTE D - SUBSEQUENT EVENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant expenditure activity of Western University of Health Sciences and its subsidiaries for the year ended June 30, 2022, and is presented using the accrual basis of accounting. The information is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. The Schedule presents only a selected portion of the operations of the University, and it is not intended to, and does not, present the financial position, change in net assets, or cash flows of the University. Pass-through entity identifying numbers are presented where available. The University has elected to not use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In preparing the consolidated financial statements, the University has evaluated events and transactions for potential recognition or disclosure through October 31, 2022, the date this Schedule was available to be issued. The University is not aware of any subsequent events that would require recording or disclosure in the consolidated financial statements.