Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: Note 2 - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Federal Perkins Loan Program (Perkins) is administered directly by theUniversity and balances and transactions relating to this program are included in theUniversitys basic financial statements. During the year ended June 30, 2022, therewere no loans advanced under the Perkins program. During the year ended June 30,2022, $5,080 of administrative costs were incurred. As of June 30, 2022, loan balancesreceivable, net under Perkins was $178,934.There was no federal capital contribution or match by the University during the currentyear. Direct Student Loan ProgramThe University disbursed $27,056,226 of loans under the Federal Direct Student Loansprogram, which include Stafford Subsidized and Unsubsidized Loans and Parent PlusLoans. It is not practical to determine the balances of the loans outstanding to studentsof the University under the program as of June 30, 2022. The University is onlyresponsible for the performance of certain administrative duties and, accordingly, theseloans are not included in the Universitys financial statements.