Notes to SEFA
Title: Federal Direct Student Loan Program/Federal Perkins Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenses are recognized as incurred using the cost accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenses are not allowable or are limited as to reimbursement. Expenditures include costs that can be directly identified to a program plus allocations of applicable indirect costs. The indirect costs applied are negotiated percentages of direct expenses. Indirect cost rates applied to awards for the year ended June 30, 2022 were negotiated with the cognizant federal rate agency, the Department of Health and Human Services.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
See the notes to the SEFA for charts/tables.