Notes to SEFA
Title: Federal Direct Student Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Thomas College 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 Thomas College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Thomas College.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not use the de minimis cost rate.
During the fiscal year ended June 30, 2023, the College processed the following amount of new loans under the Federal Direct Student Loans (AL Number 84.268). These amounts are also included in the federal expenditures schedule: Federal Direct Loans: $4,288,323, Federal Plus Loans: $858,833
Title: Loan/loans gurantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Thomas College 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 Thomas College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Thomas College.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not use the de minimis cost rate.
Federal Perkins Loan (84.038)- Loan balance outstanding at June 30, 2023 is $35,582