Title: FEDERAL DIRECT STUDENT LOAN PROGRAM
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the federal expenditures of St. Francis College (the College) for the year ended June 30, 2022, and is prepared on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Accordingly, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the Colleges fiscal 2022 financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10% de minimus indirect cost rate as provided by ?200.414 Indirect (F&A) Costs of the Uniform Guidance.
In relation to the Federal Direct Student Loan Program, the College is responsible only for the performance of certain administrative duties; therefore, the programs balance of loans outstanding and related transactions are not included in the Colleges financial statements. It is not practicable to determine the balance of loans outstanding to students of the College under this program at June 30, 2022. The Scheduleincludes the amounts loaned to students during the year ended June 30, 2022.
Title: FEDERAL PERKINS LOANS PROGRAM
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the federal expenditures of St. Francis College (the College) for the year ended June 30, 2022, and is prepared on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Accordingly, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the Colleges fiscal 2022 financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected to not use the 10% de minimus indirect cost rate as provided by ?200.414 Indirect (F&A) Costs of the Uniform Guidance.
The federal student loan program listed below is administered directly by the College, and balances and transactions relating to this program are included in the Colleges financial statements. Loan activities and balances consist of the following: [see notes to the schedule of expenditures of federal awards for table]. The Perkins loan balance as of June 30, 2022 is $383,907. There were no new federal capital contributions during the year ended June 30, 2022. On September 30, 2015, the Federal Perkins Loan Program expired. It was then extended on December 18, 2015 under The Perkins Loan Extension Act of 2015 to permit institutions to issue new loans, under amended guidelines, until September 30, 2017. No new Perkins loans can be issued under this Act subsequent to September 30, 2017. In addition, as part of this Act, prior to October 1, 2017, the College is required to annually return the federal share of excess liquid capital, as defined, to the federal government. Beginning on October 1, 2017, the federal share of all Perkins funds, including future collections of principal and interest, must be returned to the federal government.