Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Santa Clara University and affiliate (the University) and is presented on the accrual basis of accounting. The information in this 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), for Audits of States, Local Governments, and Nonprofit Organizations.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOANS (84.038) - Balances outstanding at the end of the audit period were 2,610,842. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 56,031,740.
Title: Student Financial Assistance Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Santa Clara University and affiliate (the University) and is presented on the accrual basis of accounting. The information in this 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), for Audits of States, Local Governments, and Nonprofit Organizations.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Student financial assistance program expenditures include payments to students and each programs administrative allowance and exclude amounts representing cost sharing or matching. Administrative allowances totaling $66,395 were claimed in the current year.