Title: Note 3-Federal Perkins Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the "schedule") includes the federal and state grant activity of Gardner-Webb University (the "University") and is presented on the accrual basis of accounting. The information in the 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"). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. The University has not passed through any federal or state funding to any subrecipients.
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 Federal Perkins Loan Program is administered directly by the University. Balances and transactions relating to this program are included in the University's financial statements. In accordance with the Federal Perkins Loans closing guidelines, no new loans are allowed and no new loans were disbursed by the University for the year ended June 30, 2022. The balance of loans outstanding under the Federal Perkins Loan Program was $554,323 net of allowance for doubtful accounts of $400,000 at June 30, 2022. The amount of the Federal Perkins Loan Program on the schedule is the balance of loans outstanding at June 30, 2021 of $1,202,907, which was reduced by payments of $159,874 and principal cancellations of $88,710 during the year ended June 30, 2022. Cash on hand at June 30, 2022 under the Perkins Loan Program was $192,159.
Title: Note 4-Federal Direct Student Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the "schedule") includes the federal and state grant activity of Gardner-Webb University (the "University") and is presented on the accrual basis of accounting. The information in the 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"). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. The University has not passed through any federal or state funding to any subrecipients.
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.
During the fiscal year ended June 30, 2022, the University processed $28,355,839 of new loans under the Federal Direct Student Loans program (Assistance Listing #84.268). The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans program and, accordingly, these loans are not included on the University's financial statements; furthermore, it is not practical to determine the balance of loans outstanding to students and former students of the University under these programs at June 30, 2022.
Title: Note 5-Higher Education Emergency Relief Fund
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the "schedule") includes the federal and state grant activity of Gardner-Webb University (the "University") and is presented on the accrual basis of accounting. The information in the 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"). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. The University has not passed through any federal or state funding to any subrecipients.
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 three components, an institutional award, a student aid award, and a strengthening institution program award. The following cumulative amounts have been awarded as HEERF as of June 30, 2022: See notes to SEFSA for the table/chart. The University expended the following funds for the year ended June 30, 2022: See notes to SEFSA for the table/chart.