Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Wesleyan University (the University) under programs of the federal government for the year ended June 30, 2022. The information in the 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. Because the Schedule presents only aselected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal government and all sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. Amounts disbursed from the University to subrecipient entities are also presented on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The University has an approved rate agreement with the Department of Health and Human Services for recovering indirect costs on grants and contracts with the Federal Government. The agreement contains a predetermined facilities and administrative cost rate of 64.3%. The University did not elect to utilize the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The predetermined facilities and administrative rate is effective from July 1, 2017 to June 30, 2022.
Perkins Loan ProgramDuring the year ended June 30, 2022, there we no loans advanced under the Federal Perkins Loan Program. There was no administrative cost allowance claimed for the year ended June 30, 2022. As of June 30, 2022 and 2021, the Perkins loans receivable balances were $1,703,874 and $2,018,984, respectively. The University is continuing to service loans under the Perkins programs; however, no new loans were made subsequent to September 30, 2017.(5) Federal Direct Loan Program The amount of loans advanced during the year ended June 30, 2022 to students and parents under the Federal Direct Loan Program (FDL) was $6,451,489. With respect to the FDL program, the University is responsible only for the performance of certain administrative duties and, accordingly, these loans are not included in the Universitys financial statements. It is not practical to determine the balances of loans outstanding to students of the University under this program at June 30, 2022.