Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note A. Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared from the School's accounting records and is presented according to the accrual basis method of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.Because the Schedule presents only a selected portion of the activities of the School, it is not intended to and does not present either the financial position or changes in net assets of the School.Note B. Basis of AccountingThe Schedule is prepared on the same basis of accounting as the Schools financial statements. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as reimbursements. Note C. Loan ProgramsFederal Perkins Loan Program Effective October 1, 2015, the Federal Perkins Loan Program was allowed to expire by Congress. Outstanding loans at July 31, 2022, under the Federal Perkins Loan Program, were $1,072,310. No new Federal Perkins Loans were advanced to students during the year ended July 31, 2022. Federal Direct Student Loan Program The School participates in the Federal Direct Student Loan Program which includes unsubsidized Federal Stafford Loans as well as Grad Plus Loans. New loans disbursed for students during the year ended July 31, 2022, were as follows:Federal Direct Student Loan Program: Stafford Unsubsidized: $11,720,682 and Grad Plus - $18,301,816 = $30,022,498 Note D. Relationship of Schedule of Expenditures of Federal Awards to Financial StatementsConsistent with management's policy, federal awards are recorded in various revenue categories. As a result, the amount of total federal awards on the Schedule does not agree to the total grant revenue on the Statement of Activities.Note E. Indirect Cost RateOn July 28, 2021, the School received an approved indirect cost rate of 29% from the Department of Health & Human Services (DHHS) effective for the period August 1, 2021 through July 31, 2025, subject to any grantor restrictions. The School elected to use the 29% indirect cost rate on all federal grant applications submitted thereafter subject to any grantor restrictions.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 1072310.