Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of the University. Because the Schedule presents only a selected 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.For the purposes of the Schedule, federal awards include all grants and contracts entered into directly between the University and agencies and departments of the federal government and pass-through agencies. The awards are classified into major program categories in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), for Audits of States, Local Governments, and Non-Profit Organizations.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Total loans outstanding under the Federal Perkins Loan Program were $561,410 at May 31, 2022. The amounts included in the Schedule consist of loans advanced to students and the administrative cost allowance for the year ended May 31, 2022.
Title: Administrative Cost Allowance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of the University. Because the Schedule presents only a selected 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.For the purposes of the Schedule, federal awards include all grants and contracts entered into directly between the University and agencies and departments of the federal government and pass-through agencies. The awards are classified into major program categories in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), for Audits of States, Local Governments, and Non-Profit Organizations.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Administrative cost allowance included in the Schedule is summarized as follows: Federal Work Study - $181,440