Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis cost rate for applicable direct federal awards. For the student financial aid assistance program cluster, the administrative costs allowance was computed in accordance with the student financial assistance program cluster regulations.
The federal student loan programs included in the schedule are administered directly by Mount Marty University and balances and transactions relating to these programs are included in Mount Marty Universitys basic financial statements. Loans made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding at June 30, 2022 consists of:(see table in repot)The Federal government allowed the Perkins Loan Program to expire in September 2017. The University is continuing to service existing loans and is remitting the federal portion of the loans to the Department of Education as directed.
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such expenditures 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis cost rate for applicable direct federal awards. For the student financial aid assistance program cluster, the administrative costs allowance was computed in accordance with the student financial assistance program cluster regulations.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Mount Marty University (the University) under programs of the federal government for the year ended June 30, 2022. The information 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 financial position, changes in net assets, or cash flows of the University.