Notes to SEFA
Title: STUDENT FINANCIAL AID
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federalgrant activity of Voorhees University, under programs of the federal government for the yearended June 30, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of the University, it isnot intended to and does not present the financial position, changes in net assets, or cash flowsof the University. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.
Federal Perkins Loan Program: In February 2022, the University completed the liquidation of its Federal Perkins Loan portfolio by reimbursing the U.S. Department of Education (USDOE) $217,964 for the loans that could not be assigned. As a result, the University completed the liquidation of its Federal Perkins Loanportfolio.Federal Direct Student Loan Program: During the year ended June 30, 2022, the University awarded Federal Subsidized and Unsubsidized Stafford Loans and Federal Plus Loans. The Universitys most recent cohort default rate (based on 2019 data) was 12.6%, which is in compliance with the 30.0% threshold under Federal regulations.Composite Score: The Universitys composite score for the year ended June 30, 2022 was 2.2 (maximum possible score is 3.0) as determined in accordance with 34 CFR 668.172, financial responsibility standards. The composite score measures an institutions financial ability to administer the Federal Title IV programs. The Universitys score indicates that it is financially responsible.