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FINANCING RECEIVABLES | 9 Months Ended
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Mar. 31, 2017
Receivables [Abstract] |
FINANCING RECEIVABLES | NOTE 7: FINANCING RECEIVABLES DeVry Group’s institutional loan programs are available to students at its Chamberlain, AUC, RUSM, RUSVM, DeVry University and Carrington institutions. These loan programs are designed to assist students who are unable to completely cover educational costs consisting of tuition, books and fees and are available only after all other student financial assistance has been applied toward those purposes. In addition, AUC, RUSM and RUSVM loans may be used for students’ living expenses. Repayment plans for institutional loan program balances are developed to address the financial circumstances of the particular student. Interest charges accrue each month on the unpaid balance. Chamberlain, DeVry University and Carrington require that students begin repaying loans while they are still in school with a minimum payment level designed to demonstrate their capability to repay and reduce the possibility of over borrowing and targeted to minimize interest being accrued on the loan balance. Payments may increase upon completing or departing the program. After a student leaves school, the student typically will have a monthly installment repayment plan. In addition, the Becker CPA Review Course can be financed through Becker with an 18-month term loan program. Reserves for uncollectible loans are determined by analyzing the current aging of accounts receivable and historical loss rates of loans at each institution. Management performs this analysis periodically throughout the year. Since all of DeVry Group’s financing receivables are generated through the extension of credit to fund educational costs, all such receivables are considered part of the same loan portfolio. The following table details the institutional loan balances along with the related allowances for credit losses (in thousands).
|  | March 31, 2017 |  | June 30, 2016 |  | March 31, 2016 |
Gross Institutional Loans |  |  |  |  | $ | 57,947 |  |  |  |  | $ | 69,825 |  |  |  |  | $ | 71,915 |
Allowance for Credit Losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at July 1 |  | $ | (20,800) |  |  |  |  | $ | (20,630) |  |  |  |  | $ | (20,630) |  |  |  |
Charge-offs and Adjustments |  |  | 16,820 |  |  |  |  |  | 7,388 |  |  |  |  |  | 6,290 |  |  |  |
Recoveries |  |  | (497) |  |  |  |  |  | (461) |  |  |  |  |  | (141) |  |  |  |
Additional Provision |  |  | (7,186) |  |  |  |  |  | (7,097) |  |  |  |  |  | (5,691) |  |  |  |
Balance at End of Period |  |  |  |  |  | (11,663) |  |  |  |  |  | (20,800) |  |  |  |  |  | (20,172) |
Net Institutional Loans |  |  |  |  | $ | 46,284 |  |  |  |  | $ | 49,025 |  |  |  |  | $ | 51,743 |
During the second quarter of fiscal year 2017, certain institutional loan balances were forgiven as part of the FTC settlement as discussed in “Note 3: Regulatory Settlements” and “Note 14: Commitments and Contingencies.” The amounts related to this settlement were $17.5 million in active outstanding balances which carried related allowance for credit loss reserves of $13.4 million. Also forgiven were $12.9 million of inactive loan balances and accrued interest which had previously been removed from the Net Institutional Loans balance. Of the net balances above, $18.6 million, $21.7 million and $25.9 million was classified as Accounts Receivable, Net on the Consolidated Balance Sheets at March 31, 2017, June 30, 2016 and March 31, 2016, respectively, and $27.7 million, $27.3 million and $25.8 million, representing amounts due beyond one year, was classified as Other Assets, Net on the Consolidated Balance Sheets at March 31, 2017, June 30, 2016 and March 31, 2016, respectively. The following tables detail the credit risk profiles of the institutional loan balances based on payment activity and an aging analysis of past due institutional loans (in thousands).
|  | March 31, |  | June 30, |  | March 31, |
|  | 2017 |  | 2016 |  | 2016 |
Institutional Loans: |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 47,536 |  | $ | 50,045 |  | $ | 52,775 |
Nonperforming |  |  | 10,411 |  |  | 19,780 |  |  | 19,140 |
Total Institutional Loans |  | $ | 57,947 |  | $ | 69,825 |  | $ | 71,915 |
|  |  |  |  |  |  |  | Greater |  |  |  |  |  |  |
|  | 30-59 |  | 60-89 |  | 90-119 |  | Than 120 |  |  |  |  |  | Total |
|  | Days Past |  | Days Past |  | Days Past |  | Days Past |  | Total |  |  |  | Institutional |
|  | Due |  | Due |  | Due |  | Due |  | Past Due |  | Current |  | Loans |
Institutional Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2017 |  | $ | 5,784 |  | $ | 1,318 |  | $ | 829 |  | $ | 10,411 |  | $ | 18,342 |  | $ | 39,605 |  | $ | 57,947 |
June 30, 2016 |  | $ | 8,038 |  | $ | 1,512 |  | $ | 924 |  | $ | 19,780 |  | $ | 30,254 |  | $ | 39,571 |  | $ | 69,825 |
March 31, 2016 |  | $ | 5,882 |  | $ | 2,896 |  | $ | 1,130 |  | $ | 19,140 |  | $ | 29,048 |  | $ | 42,867 |  | $ | 71,915 |
Loans are considered nonperforming if they are more than 120 days past due. At March 31, 2017, nonperforming loans totaled $10.4 million, of which $10.2 million had a specific allowance for credit losses. At June 30, 2016, nonperforming loans totaled $19.8 million, of which $19.7 million had a specific allowance for credit losses. At March 31, 2016, nonperforming loans totaled $19.1 million, of which $18.8 million had a specific allowance for credit losses.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66008989&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(6)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=66008989&loc=d3e5162-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(7)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=66008989&loc=d3e5074-111524 + Details
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