Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Pacific Lutheran University under programs of the federal government for the year ended May 31, 2022. The accompanying notes are an integral part of this Schedule. 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 Pacific Lutheran University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Pacific Lutheran University. Expenditures reports 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal loan programs listed subsequently are administered by the Pacific Lutheran University, and balances and transactions relating to these programs are included in Pacific Lutheran University's consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 2255084. NURSE FACULTY LOAN PROGRAM (NFLP) (93.264) - Balances outstanding at the end of the audit period were 26231. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 1282652.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Pacific Lutheran University under programs of the federal government for the year ended May 31, 2022. The accompanying notes are an integral part of this Schedule. 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 Pacific Lutheran University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Pacific Lutheran University. Expenditures reports 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in this Schedule, Pacific Lutheran University provided no federal awards to subrecipients.