Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Freed-Hardeman University and is presented 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOANS (84.038) - Balances outstanding at the end of the audit period were 335112.
Title: NOTE B
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Freed-Hardeman University and is presented 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University is responsible only for the performance of certain administrative duties with respect to federal direct student loans, and accordingly, these loans are not included in the financial statements. The loans processed are included in the Schedule of Expenditures of Federal Awards as part of the student financial assistance cluster. During the year ended May 31, 2022, the University processed $10,751,726 of new loans under the Federal Direct Student Loans program.