Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
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 895905.
Title: Processed Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Direct Student Loans Program consists of subsidized, unsubsidized, and graduate plus federal Stafford Loans. Federal statute requires that proceeds from Stafford Loans be disbursed to the College to be directly applied to students' accounts. New loans processed for students during the year ended June 30, 2022 were as follows: Subsidized - $7,559,613 Graduate Plus - $288,506 Unsubsidized - $2,319,194.