Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Asbury University (the University) and is presented on the accrual basis of accounting. the information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to this program are included in the University's financial statements. As of June 30, 2022, the University had loans outstanding totaling $893,930 with an allowance for doubtful accounts of $229,000 under the Federal Perkins Loan Program. The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program and, accordingly, these loans are not included in the financial statements of the University. It is not practical to determine the balance of loans outstanding to students and former students of the University under this program as of June 30, 2022. The current expenditures under the Federal Direct Loan Program of $7,692,927 are included in the accompanying Schedule of Expenditures of Federal Awards.