Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards programs of Regis University (the University) for the year ended April 30, 2022. The information in this 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 (the Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. For the purpose of the Schedule, federal awards include grants, contracts, loans and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government or passed through other government agencies or other organizations.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The Department of Education has approved a maximum provisional indirect cost rate of 40.0%. The University recovers indirect costs at the maximum rate of 40.0% under federal programs that allow full indirect cost reimbursement and recovers indirect costs at varying rates below 40.0% on other federal programs that do not allow full indirect cost recovery.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 1477512. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 870096. NURSING FACULTY LOAN PROGRAM (93.267) - Balances outstanding at the end of the audit period were 272481.