Notes to SEFA
Title: Note 3: Federal Student Loan Programs
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The accompanying schedule of expenditures of federal awards (the schedule) summarizes the expenditures of Canisius College (the College) under programs of the federal government for the year ended May 31, 2022 and has been prepared in conformity with accounting principles generally accepted in the United States. 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). Because the schedule presents only a selected portion of the operations of the College, it is not intended to, and does not, present the financial position, change in net assets, or cash flows of the College. For the purposes of the schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the College and agencies and departments of the federal government, as well as federal awards passed through other agencies. Student financial aid includes certain awards to provide financial assistance to students, primarily under the Federal Work-Study, Pell Grant and Supplemental Educational Opportunity Grant programs of the Department of Education. The College receives awards to make loans to eligible students under certain federal student loan programs and federally guaranteed loans are issued to students of the College by the Federal government. These loans are considered for the purposes of determining whether student financial aid is a major or nonmajor program.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Perkins Loan program are administered directly by the College and balances and transactions relating to these programs are included in the Colleges financial statements. The Perkins Loan Program was terminated effective June 30, 2019 and no additional loans will be distributed. The balance of loans outstanding under the Perkins Loan program (CFDA No. 84.038) was $1,668,146 at May 31, 2022.