Title: FEDERAL DIRECT STUDENT LOAN PROGRAM
Accounting Policies: The purpose of the schedule of expenditures of federal awards (the Schedule) is to present a summary of those activities of Lafayette College (the College) that have been financed by the U.S. government (federal awards). Federal awards received directly from federal agencies are included in the Schedule, as are federal guaranteed loans disbursed by other sources. Additionally, all federal awards passed through from other entities have been included in the Schedule. The College is required to match certain grant agreements, as defined in the grants, and these matching amounts are not included in the Schedule. The Schedule is presented using the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years. Lafayette College has elected not to use the 10-percent de Minimis indirect cost rate allowedunder the Uniform Guidance.
In relation to the Federal Direct Student Loan Program, the College is responsible only for the performance of certain administrative duties; therefore, the programs balance of loans outstanding and related transactions are not included in the Colleges financial statements. It is not practicable to determine the balance of loans outstanding to students of the College under this program at June 30, 2022. The Schedule includes the amounts loaned to students during the year ended June 30, 2022.
Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: The purpose of the schedule of expenditures of federal awards (the Schedule) is to present a summary of those activities of Lafayette College (the College) that have been financed by the U.S. government (federal awards). Federal awards received directly from federal agencies are included in the Schedule, as are federal guaranteed loans disbursed by other sources. Additionally, all federal awards passed through from other entities have been included in the Schedule. The College is required to match certain grant agreements, as defined in the grants, and these matching amounts are not included in the Schedule. The Schedule is presented using the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years. Lafayette College has elected not to use the 10-percent de Minimis indirect cost rate allowedunder the Uniform Guidance.
The Federal Perkins Loan Program (Perkins) is administered directly by the College and balances and transactions relating to this program are included in the Colleges basic financial statements. At June 30, 2021 the balance of loans outstanding under the Federal Perkins Loan Program was $83,052. During the year ended June 30, 2022 there were no disbursements of new loans, $60,383 of loans were assigned and accepted by the U.S. Department of Education and the balance of loans outstanding was $22,669 at June 30, 2022. In September 2019, the College notified the U.S. Department of Education of its intent to voluntarily withdraw participation in the Federal Perkins Loan program by liquidating its loan portfolio and revolving fund. Liquidation of the program involved announcing its intent to liquidate, borrower notification, and the assignment of or purchase of loans. As of this report date, the College has completed Steps 1-5 of the liquidation procedures for the purpose of liquidating its Federal Perkins Loan Program. As a result of the liquidation process, 332 loans in the amount of$669,443 were assigned and officially accepted by the U.S. Department of Education. In addition, the College purchased $22,669 in loans that were unassignable. The purchased loans were not deemed to be collectible and, as a result, were not recorded as assets on the Collges statement of financial position. Following the assignment and purchase of loans, the College made final capital distributions from the remaining cash in the Perkins loan servicing account of $24,551 to the Federal government as required with the remaining $6,091 being distributed to the Colleges operating bank account. The College has liquidated its Federal Perkins Loan portfolio and in doing so, has now accurately retired, purchased, or assigned the Colleges outstanding loans to the U.S. Department of Education (the Department), completed its NSLDS reporting requirements, returned the Federal Capital Contribution to the Department, and filed its final Fiscal Operations Report andApplication to Participate (FISAP).