Title: 2.Perkins Loan and Nursing Faculty Loan Programs:
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance include the federal and state grant activity of Kean University (the University) and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200-Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. For the purposes of these schedules, Federal Awards and State Financial Assistance include any assistance provided by a Federal and State agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations and other non-cash assistance. Because these schedules present only a selected portion of the activities of the University, it is not intended to, and does not, present the financial position, changes in net position and other changes of the University in conformity with generally accepted accounting principles.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University administers the following Federal loan programs:LoansOutstandingExtended forPrincipalthe Year EndedBalance atAL #June 30, 2022June 30, 2022Perkins Loan Program84.038 $- $585,924 Nursing Faculty Loan Program93.264 $- $640,455Kean University is no longer participating in the Perkins Loan Program and did not have any related expenses incurred during the 2022 or 2021 fiscal years.
Title: Other Loan Programs:
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance include the federal and state grant activity of Kean University (the University) and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 CFR 200-Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. For the purposes of these schedules, Federal Awards and State Financial Assistance include any assistance provided by a Federal and State agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations and other non-cash assistance. Because these schedules present only a selected portion of the activities of the University, it is not intended to, and does not, present the financial position, changes in net position and other changes of the University in conformity with generally accepted accounting principles.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the fiscal year ended June 30, 2022, the University processed the following amount of new loans under the Federal Direct Stafford Student Loan programs (which includes Stafford Loans and Parents Loans for Undergraduate Students):Value AL # of Loans Stafford Loans (Direct):84.268Subsidized $20,457,017 Unsubsidized 32,969,114 $53,426,131 Parent Loans for Undergraduate Students (PLUS) $7,463,414