Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limitedas to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to exercise its option to use the 10-percent de minimis indirect cost ratedue to the fact that the University has an existing approved indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Cleveland State University (the University) under programs of the federal government for the year ended June 30, 2022. The information on 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).For purposes of the Schedule, federal awards include all federal assistance entered into directly betweenthe University and the federal government and sub-awards from nonfederal organizations made under federally sponsored agreements. The Schedule does not include payments received under Medicare and Medicaid reimbursement programs. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present the financial position, changes in net position and cash flows of the University.
Title: Loan Balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limitedas to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to exercise its option to use the 10-percent de minimis indirect cost ratedue to the fact that the University has an existing approved indirect cost rate.
During the year ended June 30, 2022, the University issued new loans to students under the William D. Ford Federal Direct Loan Program (FDLP). The loan program includes subsidized and unsubsidized Stafford Loans, Parents' Loans for Undergraduate Students (PLUS), and PLUS loans for graduate and professional students. The value of loans issued for the FDLP is based on disbursed amounts. The undergraduate PLUS loans are applied first to the students' tuition and fees, and any remaining balance is disbursed directly to parents or, with the parents' permission, to the student.In addition, the University participates in the Federal Perkins Loan Program (FPL) through the Department of Education and in the Nurse Faculty Loan Program (NFLP) through the Department of Health and Human Services. These loan programs are directly administered by the University and are considered revolving loan programs whereby collections received on past loans, including interest, and new funds received from federal agencies are loaned out to current students. FPL and NFLP loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule of expenditures of federal awards. The FPL and NFLP loan balances outstanding at June 30, 2022 was $6,265,309 and $44,391, respectively.