Notes to SEFA
Title: Processed Loans
Accounting Policies: Note 1 - Basis of Presentation - The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Organization under programs of the federal government for the year ended June 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, resent the financial position, changes in net assets, or cash flows of the Organization. Note 2 - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under teh Uniform Guidance.
The Federal Direct Student Loan Program consists of subsidized and unsubsidized Federal Loans and Federal PLUS loans. Federal statute requires that proceeds from Federal Direct Loans be disbursed to the Organization to be directly applied to students' accounts. New loans processed for students during the year ended June 30, 2022 were as follows: Subsidized ($378,175), Unsubsidized ($407,333), PLUS ($116,797) Total=$902,305