Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the University under programs of the federal government for the year ended June 30, 2022. 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 University, it is not intended and does not present the financial position, changes in net assets or cash flows of the University. 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. Negative amounts shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Basis of Presentation of Consolidated Financial StatementsThe accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (GAAP). Net assets, revenue, expenses, and gains and losses are classified based on the existence or absence of donor-imposed restrictions.
De Minimis Rate Used: N
Rate Explanation: 2.INDIRECT COST RATE The University does not elect to use the de minimis indirect cost rate allowed under the Uniform Guidance.
Loan balances outstanding at June 30, 2022, for which the University continues to have federal compliance requirements are included in the Universitys consolidated financial statements and as federal expenditures in the Schedule. Outstanding balances of student loans held by the University at June 30, 2022, were as follows: Federal Perkins Loan Program-Federal capital contributions (84.038) - Balances outstanding at the end of the audit period were 4021408. Health professional student loans, including primary care loans and loans for disadvantaged students (93.342) - Balances outstanding at the end of the audit period were 3847953. The University is responsible only for the performance of certain administrative duties with respect to Federal Direct Student Loans (Direct Loans) and, accordingly, these loans are not included in the Universitys financial statements. The federal expenditures in the Schedule related to Direct Loans represent the dollar amount of loans disbursed during the year ended June 30, 2022.