Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) has been prepared on the accrual basis of accounting, includes the federal grant expenditures of Albany Law School of Union University (the School), and 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 School is responsible only for the performance of certain ongoing administrative duties with respect to the Federal Direct Loan Program. Accordingly, the outstanding loan balances under this program are not included in the Schools basic financial statements. It is not practical to determine the balance of loans outstanding to students of the School under this program at June 30, 2022. The School administers and accounts for all aspects of the Federal Perkins Loan Program (Assistance Listing # 84.038). Accordingly, the Schools financial statements include all activity related to this program. Loan activities and balances consist of the following: (SEE THE NOTES TO THE SEFA FOR CHART/TABLE)