Notes to SEFA
Title: NOTE 2 - LOANS PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University did not elect the 10% federal de minimis indirect cost rate.
The Univesrity had $760,959 of Federal Perkins Loan Program outstanding at August 31, 2023. As of August 31, 2022, the University had loans outstanding under the Federal Perkins Loans Program totaling $1,010,501. During the year ended August 31, 2023, the University awarded new loans to students totaling $0. The University maintains an administrative cost allowance of $66,199 at the year ended August 31, 2023.
The authority to make new Perkins Loans ended September 30, 2017, with disbursements permitted through June 30, 2018 for students with existing Perkins Loans therefore, Perkins Loans advanced during the 2021-2022 award year amounted to $0.
During the year ended August 31, 2023, students and their parents were awarded $22,246,623 of federally guaranteed loans under the Federal Direct Student Loans program.
The University is responsible only for the performance of certain administrative duties with respect to the federally guaranteed direct student loan programs and, accordingly, balances and transactions relating to the Federal Direct Student Loan program are not included in the University’s basic consolidated financial statements. Therefore, it is not practical to determine the balances of the loans outstanding to students and former students of the University at August 31, 2023.
Title: NOTE 3 - OTHER INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University did not elect the 10% federal de minimis indirect cost rate.
National University of Health Sciences did not receive any federal insurance or federal noncash assistance. The University did not provide any funds to sub recipients.