Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures on the Schedule are presented on the modified accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Such expenditures are recognized following, as applicable, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 759814.