Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures 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 accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state grant activity of Lynn University (the University) under programs/projects of the federal and state governments 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), Section 215.97, Florida Statutes, and Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a select portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
Title: Federal Student Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures 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 student loan program listed below is administered directly by the University and balances and transactions relating to this program are included in the Universitys basic financial statements. Loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022, consist of:Student Financial Aid - Federal Perkins Loan Program: Outstanding Balance at July 1, 2021 = $4,302 less Payments Received of $123 less Refunds/Cancellations of $4,179 equals $0 Outstanding Balance at June 30, 2022Federal Perkins Loan Program expired September 30, 2017, and the University may not disburse Perkins loans to any student on or after October 1, 2017, except for subsequent disbursements of loans first disbursed between June 30, 2017 and September 30, 2017. The University liquidated its Federal Perkins Revolving Loan Fund at the direction of the Department of Education during fiscal 2022. The liquidation required the University to assign all eligible outstanding loans to the Department of Education and to remit the federal share of remaining Perkins cash assets to the Department of Education. The liquidation was completed by June 30, 2022