Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Federal Financial Assistance presents the activity of all federal award programs of the University. The reporting entity is defined in Note 1 of the Universitys financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule. The information in the 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). The accompanying Schedule of Federal Financial Assistance is presented using the accrual basis of accounting, which is described in Note 1 of the Universitys financial statements. Expenditures for nonfinancial aid awards include indirect costs, related primarily to facilities operation and maintenance and general, divisional and departmental administrative services, which are allocated to direct cost objectives (including federal awards) based on negotiated formulas commonly referred to as facilities and administrative cost rates. Facilities and administrative costs allocated to such awards for the year ended June 30, 2022, were based on predetermined fixed rates negotiated with the Universitys cognizant federal agency.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
The federal loan program the University participated in from July 1, 2021, through June 30, 2022, is the William D. Ford Federal Direct, which is the umbrella name for the Federal Direct Stafford Student Loan Program and the Federal Direct Parent Loan for Undergraduate Students (PLUS) Program. The Federal Family Education Loan Program (FFELP) ended June 30, 2010 but the Ford title is still used as the umbrella title for all the federal loan programs. The loans are made directly from the federal government; therefore, there is no loan balance recorded at the University. The totals of loans processed for the current fiscal year can be found in the Notes to the SEFA. The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to the program are included in the Universitys financial statements. The balance of loans outstanding under the Federal Perkins Loan program was $250,670 as of June 30, 2022, with no new loans being disbursed.