Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: This schedule includes the federal awards activity of Northwest Missouri State University 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Perkins Loan Program is administered directly by the University, and balances and transactions relating to this program are included in the University's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The balance of Perkins Loans outstanding at June 30, 2023 is $460,587. The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program.