Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of Regis College (the College) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Student Loan Program for the year ended June 30, 2022. The College is responsible for only the performance of certain administrative duties with respect to these programs, and funds for these programs are not included in the Colleges financial statements. The College also administers a Federal Perkins Loan Program, the balances relating to which are included in the Colleges financial statements. As of June 30, 2022, the College had been advanced $1,424,950 of Federal funds for this program. The College also administers a Federal Nurse Faculty Loan Program (NFLP), the balances relating to which are included in the College's financial statements. The Colleges students and their parents were awarded $1,359,848 from the NFLP for the year ended June 30, 2022.