Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. Audit Scope - The schedule of expenditures of federal awards includes all the grants of Midwestern University (The University). 2. Basis of Presentation - Grant expenditures have been recorded in conformity with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) on an accrual basis.
De Minimis Rate Used: N
Rate Explanation: The University did not use the 10% de minimis cost rate allowed by the Uniform Guidance.
The University administers the PL program, which is funded by the Department of Education, and the HPSL and PCL programs, which are funded by the Department of Health and Human Services. The loan expenditures for the HPSL/PCL programs, collectively, and the NSL program of $1,048,601 and $12,921, respectively, for the fiscal year ended June 30, 2022, are considered current year federal expenditures. There were no loans issued for the PL program for the fiscal year ended June 30, 2022. The outstanding loan balance for the PL program was $212,331 and $345,638 at June 30, 2022 and June 30, 2021, respectively. The outstanding loan balance for the HPSL/PCL programs, collectively, was $14,010,979 and $16,057,127 at June 30, 2022 and June 30, 2021, respectively. The outstanding loan balance for the NSL program was $12,629 and $1,000 at June 30, 2022 and June 30, 2021, respectively. The current year expenditures plus the beginning of year outstanding loan balance are reported on the schedule of expenditures of federal awards.
Title: Federal Direct Student Loans
Accounting Policies: 1. Audit Scope - The schedule of expenditures of federal awards includes all the grants of Midwestern University (The University). 2. Basis of Presentation - Grant expenditures have been recorded in conformity with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) on an accrual basis.
De Minimis Rate Used: N
Rate Explanation: The University did not use the 10% de minimis cost rate allowed by the Uniform Guidance.
The University acts as an intermediary for students receiving Federal Direct Student Loans Program loans (Assistance Listing No. 84.268), which include the Direct Stafford Loan, from the federal government. The federal government is responsible for billings and collections of the loans. The University assists the federal government by processing the applications and applying funds to student accounts from the federal government. Since this program is administered by the federal government, new loans made in the fiscal year ended June 30, 2022, related to Federal Direct Student Loans Program, are considered current year federal expenditures, whereas the outstanding loan balances are not. The total amount processed during fiscal year 2022 is included on the schedule of expenditures of federal awards. See "Notes to SEFA" for chart/table.