Notes to SEFA
Title: Note 3. Federal Direct Student Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Antioch University (the University) under programs of the federal government 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). 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.Note 2.Summary of Significant Accounting Policies for Federal Award ExpendituresExpenditures reported 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 University has elected not to exercise its option to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The University participates in the Federal Direct Student Loan Program, including Federal Subsidized Stafford Loans, Federal Unsubsidized Stafford Loans and Federal Parent Loans for Undergraduate Students. Expenditures include new loans processed for students during the year ended June 30, 2022. The University is responsible only for the performance of certain administrative duties with respect to the Federally Guaranteed Student Loan Programs and, accordingly, balances and transactions relating to the loan programs are not included in the Universitys basic financial statements. Therefore, it is not practical to determine the balance of loans outstanding to students and former students of the University at June 30, 2022.
Title: Note 4. Federal Perkins Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Antioch University (the University) under programs of the federal government 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). 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.Note 2.Summary of Significant Accounting Policies for Federal Award ExpendituresExpenditures reported 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 University has elected not to exercise its option to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Federal Perkins Loan Program is administered by the University and balances and transactions relating to the program are included in the Universitys 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. The University liquidated its Federal Perkins Revolving Loan Fund at the direction of the Department of Education (DOE) during 2022. The liquidation involved the University assigning all eligible outstanding loans to the DOE and the remittance of federal share of remaining Perkins cash assets to the DOE.