Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. GENERAL The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Winthrop University. The reporting entity is defined in Note 1 of the University's financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule. 2. BASIS OF ACCOUNTING The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 of the University's financial statements. 3. LOAN PROGRAMS The University has students who have approved loans which were received by those students during the current year. The University is not the lender, it only processes them for the lender the student chooses. The total and types of loans received for the current fiscal year are Federal Direct Loans of $37,338,408. The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to the program are included in the University's financial statements. The balance of loans outstanding under the Federal Perkins Loan program was $881,513 as of June 30, 2022. Please see the Notes of Schedule of Expenditures of Federal Awards in Footnote 3 LOAN PROGRAMS for the table of expenditures for June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were $881,513. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were N/A. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were N/A.