Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, as applicable, the cost principles contained in Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award
activity of the University under programs of the federal government for the year ended June 30, 2023. 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). Because the Schedule presents only a selected
portion of the operations of the University, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the University.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, as applicable, the cost principles contained in Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: NOTE 2 - FEDERAL LOANS DISBURSED
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, as applicable, the cost principles contained in Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The amount presented for Federal Perkins Loans represents loan balances outstanding at June 30, 2022
for which the government imposes continuing compliance requirements. The balance of outstanding
Perkins loans at June 30, 2022 was $2,239,715 and no new loan disbursements were made during the
year ended June 30, 2023.
The University also participates in the Federal Direct Student Loans Program, including Federal PLUS
Loans (PLUS). The dollar amounts are listed in the Schedule although the University is not the recipient of
the funds. Such programs are considered a component of the student financial assistance cluster. New
loans processed for students during the year ended June 30 were as follows:
2023
Federal Direct Student Loans Program
Subsidized $ 1,832,476
Unsubsidized 1,865,083
PLUS 3,543,651
$ 7,241,210