Title: Loan/Loan Guarantee outstanding balance
Accounting Policies: (1)Basis of PresentationThe accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Syracuse University (the University) under programs of the federal government for the year ended June 30, 2022.For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the federal government and all subawards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements.Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Moreover, expenditures include a portion of costs associated with general University activities (facilities and administrative costs) which are allocated to awards under negotiated formulas commonly referred to as facilities and administrative cost rates.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The University has obtained predetermined facilities and administrative cost rates for fiscal year 2022, which have been reviewed and approved by the U.S. Department of Health and Human Services. The base rate for on-campus research was 50.0% and for off-campus research was 26.0%. The University did not elect to utilize the 10% de minimus indirect cost rate in Part 200.514 of the Uniform Guidance.Total facilities and administrative costs recovered for fiscal year 2022 amounted to approximately $9.0 million.
The Perkins Loan Program (CFDA 84.038) listed below is administered directly by the University, and balances and transactions relating to this program are included in the University's consolidated financial statements. Loan activities and balances consist of the following. Balance as of June 30,2021 - $20,898,430. Loans issued - N/A. Payments and Adjustments - ($3,997,197). Balance as of June 30,2022 - $16,901,233. As required by the Uniform Guidance, the amount shown on the Schedule as expenditures for the Perkins Loan Program is equal to the balance of loans outstanding at June 30, 2021. Under federal law, the Perkins Loan Program ended on September 30, 2017, and final disbursements under the program were permitted through June 30, 2018.
Title: Federal Direct Student Loans
Accounting Policies: (1)Basis of PresentationThe accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Syracuse University (the University) under programs of the federal government for the year ended June 30, 2022.For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the federal government and all subawards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements.Expenditures for direct costs are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Moreover, expenditures include a portion of costs associated with general University activities (facilities and administrative costs) which are allocated to awards under negotiated formulas commonly referred to as facilities and administrative cost rates.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The University has obtained predetermined facilities and administrative cost rates for fiscal year 2022, which have been reviewed and approved by the U.S. Department of Health and Human Services. The base rate for on-campus research was 50.0% and for off-campus research was 26.0%. The University did not elect to utilize the 10% de minimus indirect cost rate in Part 200.514 of the Uniform Guidance.Total facilities and administrative costs recovered for fiscal year 2022 amounted to approximately $9.0 million.
During the year ended June 30, 2022, the University processed new loans of $141,683,022 under the Federal Direct Student Loans program.With respect to this program, the University is responsible only for the performance of certain administrative duties and, accordingly, these loans are not included in the Universitys consolidated financial statements. It is not practical to determine the balances of loans outstanding to students of the University under the Federal Direct Student Loans program as of June 30, 2022.