Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents theexpenditures of all federal awards programs of Point Park University (University) using the accrual basisof accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in thisSchedule may differ from amounts presented in, or used in the preparation of, the basic financialstatements. Because the Schedule presents only a selected portion of the operations of the University, itis not intended to and does not present the financial position, changes in net assets or cash flows of theUniversity.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 268120.
Title: STUDENT FINANCIAL ASSISTANCE AND LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents theexpenditures of all federal awards programs of Point Park University (University) using the accrual basisof accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in thisSchedule may differ from amounts presented in, or used in the preparation of, the basic financialstatements. Because the Schedule presents only a selected portion of the operations of the University, itis not intended to and does not present the financial position, changes in net assets or cash flows of theUniversity.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The total loans granted under the Federal Direct Student Loan Program, which were not made by the University but were received by its students, were approximately $30,807,000 for the year ended August 31, 2022. The total loans outstanding under the Federal Perkins Loan Program at August 31, 2022 were approximately $268,000. In addition, no new loans were awarded under this program during the year ended August 31, 2022. Federal award expenditures include loans administered under the Federal Direct Student Loan Program during the year ended August 31, 2022, and Federal Perkins Loans as of August 31, 2021.