Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) has been prepared on the accrual basis of accounting and in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Federal assistance listing numbers and pass-through entity identifying numbers are presented where available. The purpose of this Schedule is to present a summary of those activities of Fairleigh Dickinson University (the University) for the year ended June 30, 2022 which have been financed by the U.S. Government (federal awards). For purposes of the Schedule, awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other noncash assistance. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the University and may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimus indirect cost rate for the year ended June 30, 2022 as permitted by Uniform Guidance.
The University extends loans through revolving funds originally funded by the federal government, with principal and interest relating to outstanding loans being paid back to the University. The University administers and accounts for certain aspects of these programs. The Universitys consolidated financial statements include these programs net assets and transactions. As of and for the year ended June 30, 2022, the outstanding loan balances and new loans awarded pursuant to these programs were as follows: FEDERAL PERKINS LOAN (84.038) - Balances outstanding at the end of the audit period were 2205994. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 615353. NURSE FACULTY LOAN PROGRAM (NFLP) (93.264) - Balances outstanding at the end of the audit period were 1061144. HEALTH PROFESSIONS STUDENT LOANS, INCLUDING PRIMARY CARE LOANS/LOANS FOR DISADVANTAGED STUDENTS (93.342) - Balances outstanding at the end of the audit period were 57004.
Title: Federal Direct Student Loan
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) has been prepared on the accrual basis of accounting and in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Federal assistance listing numbers and pass-through entity identifying numbers are presented where available. The purpose of this Schedule is to present a summary of those activities of Fairleigh Dickinson University (the University) for the year ended June 30, 2022 which have been financed by the U.S. Government (federal awards). For purposes of the Schedule, awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other noncash assistance. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the University and may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimus indirect cost rate for the year ended June 30, 2022 as permitted by Uniform Guidance.
With respect to the Federal Direct Student Loan Program, the University is only responsible for the performance of certain administrative duties; therefore, the transactions and the balances of loans outstanding related to this program are not included in the Universitys consolidated financial statements. The schedule of expenditures of federal awards includes the amounts loaned to students during the year ended June 30, 2022. It is not practical to estimate the outstanding balance of loans under this program.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) has been prepared on the accrual basis of accounting and in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Federal assistance listing numbers and pass-through entity identifying numbers are presented where available. The purpose of this Schedule is to present a summary of those activities of Fairleigh Dickinson University (the University) for the year ended June 30, 2022 which have been financed by the U.S. Government (federal awards). For purposes of the Schedule, awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other noncash assistance. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to, and does not, present either the financial position, changes in net assets or cash flows of the University and may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimus indirect cost rate for the year ended June 30, 2022 as permitted by Uniform Guidance.
The University did not pass through any federal awards to subrecipients during the year ended June 30, 2022.