Notes to SEFA
Title: Additional Required Information
Accounting Policies: Basis of PresentationThe Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awardactivity of the University under programs of the federal government for the year ended June 30,2022. The information in this Schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, someamounts presented in this Schedule may differ from amounts presented in, or used in thepreparation of, the basic financial statements. Because the Schedule presents only a selectedportion of the operations of the University, it is not intended to and does not present the financialposition, changes in net assets or cash flows of the University.All of the Universitys federal awards were in form of cash assistance for the year ended June 30,2022.The University had no federally funded insurance programs or loan guarantees during the yearended June 30, 2022.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures arenot allowable or are limited as to reimbursement.There are no subrecipient expenditures.The Institute did not elect to use the 10% de minimus cost rate.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
During the fiscal year ended June 30, 2022, the University processed the following amount ofnew loans under the Federal Direct Student Loan Program:AssistanceListingFederalExpendituresFederal Direct Student Loans Program 84.268 $6,808,758Below is additional information for testing items sampled.Sample Description OPEIDStudentsReceivingDirect LoansDirect LoansDisbursed /RefundedStudentsReceivingDirect LoansDirect LoansDisbursed /RefundedEligibility 03872400 37 N/A 217 N/ADistributions 03872400 37 1,299,871 217 6,808,758Returns of Title IV Funds 03872400 3 27,913 27 153,653