Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Summary of Significant Accounting Policies:Expenditures reported on the Schedule of Expenditures of Federal Awards 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The outstanding balance at June 30, 2022 on the Perkins Loans was $1,042,919.