Notes to SEFA
Title: STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant expenditures of Excelsior University for the year ended June 30, 2023 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Code of Federal Regulations Title 2, Grants and Agreements, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Subpart F, Audit Requirements, Section 200.502, Basis for Determining Federal Awards Expended.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University participates in the Direct Loan Program. New loans processed under the Direct Loan program totaled $28,249,860 for the year ended June 30, 2023. The University does not have any continuing administrative or compliance responsibilities for the Direct Loan Program once the student completes the associated trimester.