Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles in the Uniform Guidance, wherein certain typesof expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifyingnumbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of St. Olaf College (the College) under programs of the federal government for the year ended May 31, 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 College, it is not intended to and does not present the financial position, changes in net assets, functional expenses or cash flows of the College.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles in the Uniform Guidance, wherein certain typesof expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifyingnumbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles in the Uniform Guidance, wherein certain typesof expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifyingnumbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: N/A
The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Loan and Loan Guarantee Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles in the Uniform Guidance, wherein certain typesof expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifyingnumbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: N/A
The federal student loan programs listed below are administered directly by the College, and balances and transactions relating to these programs are included in the College'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 loans outstanding at May 31, 2023 consist of: See the Notes to the SEFA for table.