Notes to SEFA
Title: Federal Perkins Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of the University of Sioux Falls (the University) under programs of the federal government for the year ended
June 30, 2023. The information 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). Because the schedule presents only a selected portion of the operations of the
University, it is not intended to and does not present the financial position, changes in net assets or cash flows
of the University.
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has
been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10% de minimis cost rate for applicable federal awards.
Federal Perkins Loan Program expenditures reported on the schedule consist of the beginning of year
outstanding loan balance plus advances made during the year, of which there were none. The outstanding
balance as of June 30, 2023 was $560,107.
The Federal government allowed the Federal Perkins Loan Program to expire in September 2017. The University
is continuing to service existing loans and is remitting the federal portion of the loans to the Department of
Education as directed.